Oil prices jumped this evening after comments by Saudi Arabia about consumers tolerating oil prices as high as $90 a barrel.
Data showing better than expected manufacturing growth in China also boosted oil and the dollar's early weakness also helped US crude push above $83 to a more than two-week peak.
'Consumers are looking for oil prices around $70, but hopefully less than $90,' Saudi Arabia's oil minister Ali al-Naimi said in comments following a speech in Singapore. 'There's almost an anchor now for the price.'
The comment was interpreted by brokers and analysts as signalling that Saudi Arabia could allow prices to rise as high as $90, above the $70-$80 range it has recently targeted.
US crude rose $2.16 to $83.59 a barrel, while Brent crude rose $2.06 to $85.21.
