Crude prices rose towards $75 a barrel today on positive demand projections by the US Energy Information Administration (EIA) and prospects of a rescue package to bail out financially troubled Greece.
For March delivery, US crude rose by 35¢ to $74.87 a barrel at 7:43am GMT, while London Brent crude increased by 32¢ to $72.86 a barrel, reports Reuters.
According to a forecast by the EIA, oil demand this year is expected to rise to 1.2 million barrels per day compared with a year back.
The EIA also predicted that prices of crude would be $81 a barrel in the second half of the year, representing a 9% hike compared with current levels.
A possible rescue package for debt-ridden Greece might materialise soon as eurozone countries held intensive negotiations, Reuters reports.