Oil prices rose to a 10-day peak on Wednesday as upbeat European and US manufacturing data reinforced optimism about economic and energy demand growth. After U.S. inventory data revealed stockpiles growing less than expected, the price for a barrel of Crude Oil jumped back above $88, where it has remained throughout today's early trading sessions.

Manufacturing in the United States and Europe accelerated in December and growth in China and India slowed to a more sustainable level, helping to fuel a move by investors into commodity-link and higher-yielding currencies. Traders should focus on today's manufacturing reports from the United States as these will no doubt carry a direct impact on the supply-demand aspect of the equation for oil prices.