Oil Price Rises Above $85

25 April 2010 (Last Updated April 25th, 2010 18:30)

The price of oil rose above $85 a barrel on Monday as US data pointed to hopes of a sustained economic rebound in the country. For June delivery, US crude increased 16 cents to $85.28 a barrel by 2:22am ET, while London ICE Brent recorded a fresh 18-month high with a rise of 25 cents to $

The price of oil rose above $85 a barrel on Monday as US data pointed to hopes of a sustained economic rebound in the country.

For June delivery, US crude increased 16 cents to $85.28 a barrel by 2:22am ET, while London ICE Brent recorded a fresh 18-month high with a rise of 25 cents to $87.50, according to Reuters.

Jet fuel demand is expected to take a positive turn after flight services resumed in Europe as the threat from an ash cloud from an Icelandic volcano receded.

According to the data released on last Friday, domestic demand is growing in the US.

The Greek debt crisis, however, could affect oil gains due to uncertainty over the European Union and International Monetary Fund's support to bail the country out.