Oil prices climbed towards $81 today after an agreement to support debt-ridden Greece helped to restore confidence among investors.

For May delivery, US crude gained 28¢ to $80.81 a barrel at 03:38 GMT, while ICE Brent increased 26¢ to $79.87, reports Reuters.

The International Monetary Fund has agreed to provide Greece with coordinated bilateral loans if the country should face severe difficulties.

The support package could amount to €20bn – €22bn ($26.7bn – $29.3bn).

Oil inventories at Cushing, Oklahoma rose by 754,739 barrels to 31.8 million barrels in the week to 23 March, according to a report by Genscape.