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Brent tops $106 on euro zone hope, dollar

LONDON : Oil rose on Tuesday, with Brent crude up by more than $2 to exceed $106 a barrel, as fresh measures discussed b
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By Imad Uddin
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LONDON: Oil rose on Tuesday, with Brent crude up by more than $2 to exceed $106 a barrel, as fresh measures discussed by the European Central Bank (ECB) curbed anxiety about European debt.

Officials said Europe's stability fund could be increased, indicating the ECB was prepared to act to prevent a meltdown in Greece and fight the crisis threatening to derail the global economic recovery.

Oil rebounded with other commodities as stock markets jumped and the dollar weakened. Brent swung to as high as $106.19 a barrel on Tuesday, from an intraday low of $101.66 a barrel the previous session.

 

Copyright Reuters, 2011

 

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