Oil prices climbed this evening after a better than expected US retail sales report and a broad rally on world stock markets.
The US government said retail sales slipped 0.2% last month, but the fall was not as big as economists had expected.
US crude gained $1.47 to $98.78 a barrel, while in London, Brent crude added $1.26 at $119.68.
A weaker dollar also helped oil. Oil is priced in US currency and tends to rise as the dollar falls, making crude cheaper for investors holding foreign currency.
Some analysts expect crude prices to fall over the next few months as political upheaval in the Middle East and North Africa eases.
