Oil Prices rise sharply

RTE have reported that Oil prices rose sharply this evening, with US crude hitting a six-month high above $60 a barrel as the US currency tumbled.

US crude jumped to $60.08 a barrel, its highest point since mid-November, before slipping back to $58.62, up 12 cents from Monday’s close. Brent North Sea crude added 10 cents to $57.58.

The gains came as the euro soared above $1.37, its highest level for one and a half months. A weak dollar stimulates demand for dollar-priced crude because it becomes cheaper for buyers using stronger currencies.  read more