Oil prices rose to $86 today following the resignation of Egyptian President Hosni Mubarak.

US crude for March delivery increased 7¢ to stand at $85.65 a barrel by 05.25 GMT, after reaching $85.58 a barrel on 11 February, reports Reuters.

The resignation of Mubarak brought relief to concerns about supply disruptions and the possible impact on oil producers in the Middle East.

The monthly reports from the International Energy Agency and OPEC showed a rise in production from OPEC nations, with global demand expected to rise further.