London - Oil prices rose on Tuesday as concerns over the Cyprus bailout eased, analysts said.
Brent North Sea crude for delivery in May rose 34 cents to $111.42 a barrel in London midday deals.
New York's main contract, West Texas Intermediate (WTI) light sweet crude for May, edged up six cents to $97.13 a barrel.
“Crude oil prices rebounded... on Tuesday with Brent oil climbing toward $112 per barrel area, as concerns about the crisis in Cyprus have somewhat faded,” said analyst Myrto Sokou at Sucden brokers in London.
Cyprus eased capital controls imposed to avoid a run on banks as the government launched a judicial probe on Tuesday into how the island was pushed to the verge of bankruptcy before having to agree a crippling eurozone bailout.
After talks in Nicosia with international creditors, the central bank announced that it was raising the limit on business transactions from 5,000 euros to 25,000 and was allowing people to issue cheques of up to 9,000 euros. - Sapa-AFP