Oil prices rose on Tuesday after stunning earnings by Goldman Sachs Group Inc improved risk appetite and some European flights resumed as the threat from Iceland's volcanic ash cloud receded. In addition, analysts said that the prices were higher because of stronger equities and lower risk aversion.
Oil climbed yesterday as European airspace began to reopen, restoring some demand for jet fuel. Prices also advanced as U.S. equities rose, snapping a 2 day drop for the MSCI World Index, because of improving corporate earnings that boosted confidence in the global recovery. The Dollar also fell slightly on Tuesday, supporting oil by making it cheaper for buyers holding other currencies.