Oil prices rose this morning as a result of a drop in US crude stocks.

US crude rose by 60¢ to stand at $95.37 a barrel, while ICE Brent rose 10¢ to $112.50 a barrel.

The rise in Brent crude was due to tight US oil stocks, the weak dollar and an initial favourable vote on austerity measures by Greece’s parliament, reports Reuters.

Concerns that the International Energy Agency may release more oil in the next month also affected oil prices.