Oil prices rose this evening, with Brent hitting six-month highs in part due to hopes of a Greek debt deal - helping to offset a slight cut in OPEC's demand growth forecast.
US crude jumped $1.24 to $99.95 a barrel. Brent North Sea for March was up 87 cents at $118.07 in London. Earlier, the Brent contract hit $118.07, the highest level since the start of August.
Greek leaders cobbled together a last minute deal on austerity cuts earlier in the day, clearing the way for the euro zone to decide on a bail-out package.
Meanwhile, economic weakness in Europe and the United States and higher oil prices led OPEC to cut its 2012 forecast for growth in global oil demand.
The Organisation of Petroleum Exporting Countries now expects daily demand this year of 88.76 million barrels per day (bpd), down from its forecast a month ago of 88.90 million bpd.
Energy demand remains weak in the US. The world's biggest oil consumer used on average 18.1 million barrels per day in the past four weeks, 4.8% below the year-ago level, official data showed yesterday.
