Oil prices rose today at the end of a volatile week for markets and as trading wound down ahead of the Easter break.
New York's main contract, light sweet crude for delivery in June, rose 68 cents to $112.13 a barrel. Brent North Sea crude for June gained 45 cents to $124.30 in London deals.
Markets will be shut tomorrow on both sides of the Atlantic for Easter festivities.
Analysts said that crude oil prices have gained almost $5 since the start of the week, showing that the upside rally continues to remain strong despite these uncertain and fragile economic conditions.
Oil had closed higher in New York last night after an unexpected drop in US energy reserves and a sharply weaker dollar, which makes dollar-priced commodities cheaper for other currency holders.
Prices had slumped at the start of the week after ratings agency Standard & Poor's cut its US debt outlook to 'negative' and as key industry bodies expressed concern about the impact of high energy costs on demand.
