Crude hits two-month high of $82 in New York

New York: Oil rose to a two-month high above $82 (Dh301) a barrel in New York amid growing confidence that the economic recovery is proceeding and set to bolster fuel demand.

Crude advanced for a second day after French President Nicolas Sarkozy said the group of nations using the euro is ready to rescue Greece should the government struggle to fund its deficit.

Hedge-fund managers and other large speculators increased their bets on oil prices rising for a third week, according to the US Commodity Futures Trading Commission.
 
"Economic sentiment is getting better with some supportive comments on the European debt situation," said Andrey Kryuchenkov, an analyst with VTB Capital in London.