Oil prices rose today after the central banks announced a coordinated action plan to boost European bank funding, decreasing concerns about the declining crude demand from industrialised consumers.

US crude climbed by 19 cents to $89.59 a barrel, while Brent crude rose by 56 cents to $112.86, reports Reuters.

US Treasury Secretary Timothy Geithner will hold talks with European finance ministers in Poland to discuss the €440bn European financial stability fund to fight the region’s debt crisis.