Oil prices climbed above $102 a barrel Tuesday as talk of more financial aid for Greece helped weaken the U.S. dollar and traders worried about turmoil in Libya and the Middle East, The Associated Press reports.
By early afternoon in Europe, benchmark oil for July delivery was up $1.81 to $102.40 a barrel in electronic trading on the New York Mercantile Exchange.
The benchmark contract last settled Friday up 36 cents at $100.59. Markets in the U.S. were closed Monday for the Memorial Day holiday.
In London, Brent crude for July delivery was up $1.64 to $116.32 a barrel on the ICE Futures exchange.
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Crude has risen from $96 last week amid a depreciating U.S. currency. The euro rose to $1.4402 on Tuesday from $1.4287 late Monday.
