Crude prices rose above $77 a barrel today as the dollar dropped against the euro on speculation that Greece would not need a European Union bailout to meet deficit-reduction targets.

For March delivery, US crude rose 43¢ to $77.44 a barrel at 1045 GMT, according to Reuters.

For April delivery, London Brent crude climbed 39¢ to $76.07 a barrel.

Today, oil traded at its highest level for the last four months as the euro rebounded from its lowest level against the dollar in nine months.

According to an initial Reuters poll, the US crude inventories were expected to have risen by 1.9 million barrels in the week ending February 12, as weather-delayed imports along the Gulf Coast came ashore.

Following the rising demand for heating fuel after two heavy snowstorms hit the US East Coast, distillate stocks including heating oil and diesel fell 1.6 million barrels, while petrol supplies rose 1.6 million barrels.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData