Crude Climbs Above $72

Crude prices climbed above $72 a barrel today due to the weak dollar and speculation that the EU would create a rescue package for struggling eurozone nations.

For March delivery, US crude increased by 24¢ to $72.13 a barrel at 7:15am GMT, while London Brent crude rose by 35¢ to $70.46 a barrel, reports Reuters.

Oil prices recovered from eight-week lows as the euro rose against the dollar and hopes of a rescue package for Greece’s ailing economy surfaced.

Earlier, oil prices fell on mounting concerns over Europe’s debt problems, which affected commodity and equity markets.