Oil prices rise to a six week high past US$80

23-Feb-10
The price of oil has risen past US$80, to a six-week high as a rescue plan for debt-laden Greece when revealed, lifted the euro and helped push the US dollar lower, and by figures showing an increase in oil refining in China, amid the continuing strike by Total refinery workers in France. A weaker dollar makes oil cheaper for buyers in other currencies. Germany's finance ministry had come up with a plan that would see countries that use the euro providing aid worth between €20-25 bln for Greece. Continuing signs of economic growth in USA are also lifting global oil prices. However, some oil analysts now expect oil prices to soon start to fall back. A level of US$80 being sustained seems difficult due to weak fundamentals.
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