Oil Price Rises Above $82

19 April 2010 (Last Updated April 19th, 2010 18:30)

Oil prices rose above $82 a barrel today as jet fuel demand increased as some flights resumed service following the Icelandic volcano crisis. For May delivery, US crude gained 74¢ at $82.19 a barrel by 3:24pm ET, while London Brent Crude for June increased 58¢ to $84.81, repor

Oil prices rose above $82 a barrel today as jet fuel demand increased as some flights resumed service following the Icelandic volcano crisis.

For May delivery, US crude gained 74¢ at $82.19 a barrel by 3:24pm ET, while London Brent Crude for June increased 58¢ to $84.81, reports Reuters.

Most flights from Europe are set to resume under a deal agreed by the European Union to free up airspace that has been closed since the volcano erupted last week.

Oil prices fell 5% in the last few days after global jet fuel use dropped by 20% due to flight disruptions and investment bank Goldman Sachs' fraud charges.

A Reuters poll showed US crude oil inventories is expected to increase by 200,000 barrels, with distillate stocks to rise by 800,000 barrels and petrol to gain 500,000 barrels.