LONDON: ARAB NEWS
Published — Saturday 24 November 2012
Last update 24 November 2012 4:26 am
Oil rose above $ 111 a barrel yesterday as better-than-expected German business sentiment data helped ease worries about demand in the euro zone economies, boosting the euro against the dollar.
Brent crude futures were up 80 cents at $ 111.38 a barrel at 1526 GMT. US crude was up $ 1.06 against Wednesday's settlement to $ 88.44.
Disturbances in Egypt ramped up the risk premium in oil prices as investors and traders worried about potential disruption to Middle East oil supplies.
At the same time, better-than-expected economic data from Germany helped risk assets move up in thin volumes yesterday.
German business sentiment surprised with a rise in November, breaking a six-month run of declines.