Page last updated at 22:40 GMT, Tuesday, 20 April 2010 23:40 UK

Oil price rises as confidence returns

Oil being pumped in Bahrain

World oil prices have risen after investor confidence returned and hopes for an end to flight disruptions due to Icelandic volcanic ash were boosted.

US light crude rose added $2 to settle at $83.45 a barrel. London Brent added 57 cents to settle at $84.80.

The oil price had fallen by about $4 since fraud charges filed in the US against Goldman Sachs on Friday shook market sentiment.

The price of oil hit an 18-month high earlier this month.

Goldman Sachs reported a net profit of $3.5bn for the first three months of the year on Tuesday, nearly double the profit it posted a year earlier.

This helped to consolidate earlier gains in the oil price.

Goldman has rejected allegations by the US financial watchdog that it defrauded investors.

The oil price was also boosted by news that some European airports were reopening.

Demand for oil, and therefore its price, dipped sharply while planes were grounded across the world because of the Icelandic volcano eruption last Thursday.

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