Oil prices rose more than 1% towards $71 a barrel today.

For July delivery, US crude gained 70¢ to $70.74 a barrel by 04.55 GMT, while London Brent crude rose 22¢ to $71.93 a barrel, according to Reuters.

Crude touched a low of $64.24 on 20 May, its weakest since September last year.

On 21 May, Germany approved its portion of a $1trn safety fund to stabilise the euro as fears increased that Europe’s debt crisis and tougher financial regulations may slow economic recovery.