Oil prices rose this morning, boosted by storm threats and uncertainty about US President Barack Obama’s plan to revive the US economy.

US crude fell by 7¢ to stand at $88.98 while Brent crude rose by 10¢ to $114.65 a barrel.

Obama unveiled a $447bn package of tax cuts and new spending measures to revive the weak US job market, reports Reuters.

Oil prices were also supported by the busy 2011 hurricane season in the Atlantic, supply outages in Libya and the battered US dollar.