Crude oil prices extended gains this morning as traders reacted to a forecast that global demand was set to grow and hopes for a Greek debt deal.
US crude jumped $1.06 to $99.47 a barrel and Brent North Sea crude rose 27 cents to $116.50 in London.
In a report yesterday, the US Energy Information Administration forecast that worldwide demand would accelerate over the next two years.
"EIA expects world markets to continue to gradually tighten in 2012 and 2013, as increases in global consumption outpace production growth," the report said.
On Tuesday, Brent hit six-month highs above $117 before falling back.
