Oil rises above $ 111

Oil rose above $ 111 a barrel yesterday as better-than-expected German business sentiment data helped ease worries about demand in the euro zone economies, boosting the euro against the dollar. Brent crude futures were up 80 cents at $ 111.38 a barrel at 1526 GMT. US crude was up $ 1.06 against Wednesday\'s settlement to $ 88.44. Disturbances in Egypt ramped up the risk premium in oil prices as investors and traders worried about potential disruption to Middle East oil supplies. At the same time, better-than-expected economic data from Germany helped risk assets move up in thin volumes yesterday. German business sentiment surprised with a rise in November, breaking a six-month run of declines. From : Arabnews