Oil Prices Rise Despite European Debt Woes

23 May 2011 (Last Updated May 23rd, 2011 18:30)

Strong oil demand overriding concerns about Europe's debt crisis led to an increase in US crude prices this morning. Brent crude for July was up 67¢ to stand at $110.77 a barrel and US crude rose 67¢ to $98.37 a barrel. Oil prices rebounded despite Europe's debt is

Strong oil demand overriding concerns about Europe’s debt crisis led to an increase in US crude prices this morning.

Brent crude for July was up 67¢ to stand at $110.77 a barrel and US crude rose 67¢ to $98.37 a barrel.

Oil prices rebounded despite Europe’s debt issues and softening economic data; however strong demand from emerging economies may strain Opec’s spare capacity, according to Reuters.