World oil prices rose this evening, following a rebound in broader markets after Germany's lower house approved new powers for the euro zone's crisis fund and US economic data were stronger than forecast.
Germany's support for a beefed-up bailout fund for Europe's troubled economies and data showing that the US economy grew at annual rate of 1.3% in the second quarter, pushed stock markets and oil prices higher.
Brent rose 94 cents to $104.75 a barrel, after rising as high as $105.82. US crude gained $1.55 to $82.76.
In a rollercoaster week for the oil market, prices had surged by more than $4 in New York on Tuesday, mirroring huge gains in equities, as investors hoped that European leaders would contain the euro zone debt crisis.
But crude futures tumbled more than $3 yesterday as those hopes subsided, and after data showed a bigger than expected rise in energy stockpiles in the United States, indicating weak demand in the world's biggest economy.
Oil prices have dropped sharply this quarter on fears of a US recession and concern that Europe's debt crisis will spread and damage the global economy further.
Brent was poised for a monthly drop of 9% and a quarterly decline of about 8%. US crude has fallen nearly 14% this quarter, the sharpest drop since the last quarter of 2008.
