Crude oil prices rose more than 2 per cent yesterday, bolstered by a rally in US petrol and Russia’s willingness to meet other major oil producers to discuss the market.
Higher stock prices on Wall Street and a softer dollar provided further support to oil and other dollar-denominated commodities.
Global crude benchmark Brent rose $1.15, or more than 2 per cent to remain over $49 a barrel after striking a session high at $49.50.
US crude was up 85 cents, or 1.9 per cent, at $46.39 after an intraday peak at $46.75.
Petrol surged about 3 per cent, helping drive up prices for crude and other refined fuels.
Russia, one of the world’s top three oil producers, said it was prepared to meet Opec and non-Opec oil producers to discuss the market if such a meeting is called. – (Reuters)
