Oil prices increased this morning, as the dollar weakened and large positive economic indicators mitigated demand concerns triggered by the European debt crisis.

Brent crude rose 52¢ to stand at $112.05 and US crude gained 67¢ to $101.38.

The dollar index fell by 0.3%, as investors bought riskier assets after sentiment improved, reports Reuters.

Positive data indicators were seen from China to the US, but market participants have now shifted their focus to the Portuguese debt sale as doubts resurface about a Greek default.

Prices were also supported by supply threats from the Middle East due to rising tensions over Iran’s nuclear programme.