Oil prices rose above $90 a barrel today on optimism about a faster economic recovery following unexpected gains in US private sector jobs.

February crude increased by 92¢ to stand at $90.30 and ICE Brent February crude rose by $1.97 to $95.50 a barrel, report Reuters.

The stock market and commodities markets were influenced by the ADP Employer Services employment report, which showed the biggest rise in its data since 2000.

Oil bounced back from early losses and turned positive after failing to drop below $88 a barrel.

Markets are now awaiting the release of December US non-farm payrolls data, which is due to be released on Friday, for further signs of the US economy’s faster-than-expected recovery.