Crude Climbs Towards $78

16 February 2010 (Last Updated February 16th, 2010 18:30)

Crude prices rose above $77 a barrel today as the dollar dropped against the euro on speculation that Greece would not need a European Union bailout to meet deficit-reduction targets. For March delivery, US crude rose 43¢ to $77.44 a barrel at 1045 GMT, according to Reuters.

Crude prices rose above $77 a barrel today as the dollar dropped against the euro on speculation that Greece would not need a European Union bailout to meet deficit-reduction targets.

For March delivery, US crude rose 43¢ to $77.44 a barrel at 1045 GMT, according to Reuters.

For April delivery, London Brent crude climbed 39¢ to $76.07 a barrel.

Today, oil traded at its highest level for the last four months as the euro rebounded from its lowest level against the dollar in nine months.

According to an initial Reuters poll, the US crude inventories were expected to have risen by 1.9 million barrels in the week ending February 12, as weather-delayed imports along the Gulf Coast came ashore.

Following the rising demand for heating fuel after two heavy snowstorms hit the US East Coast, distillate stocks including heating oil and diesel fell 1.6 million barrels, while petrol supplies rose 1.6 million barrels.