Oil prices are climbing near $108 per barrel as optimism grows about a strengthening global economy.

A private survey of the U.S. homebuilding industry on Monday March 19, 2012 found that companies are increasingly hopeful that home sales will rise in coming months. International Monetary Fund Managing Director Christine Lagarde also said over the weekend that the global economy has "stepped back from the brink."

The rise in oil also follows last week's rally on Wall Street. Read more »

World oil prices dropped on Monday March 12, 2012 as investors fretted over the strength of worldwide energy demand following weak Chinese economic data.

New York's main contract, West Texas Intermediate crude for delivery in April, shed $1.06 to $106.34 a barrel.

Brent North Sea crude for April was down 65 cents at $125.33 in late afternoon deals.

"Crude oil fell sharply... Traders were reacting to news over the weekend that China had recorded its largest trade deficit in more than ten years," said GFT analyst David Morrison. Read more »

World oil prices rose in volatile trading on Monday March 5, 2012, as worries over Iranian supplies helped to offset a cut to China's growth outlook and weak eurozone data, traders said.

New York's main contract, light sweet crude for delivery in April, rose 16 cents to $106.86 a barrel.

Brent North Sea crude for April climbed 59 cents to $124.24 in late London deals.

"While slower economic growth in China and across Europe lowers demand expectations, there are still concerns over supply," said Fawad Razaqzada, an analyst for traders GFT Markets. Read more »

Oil prices rose above $109 a barrel Friday February 24, 2012 and are approaching last year's highs as tensions increase over Iran's nuclear program.

Western nations fear Iran is building a weapon and have been trying to force it to open its facilities to inspection. Iran has refused, turning away international inspectors this week for the second time this month.

As tensions rise, investors are snapping up oil contracts in anticipation of a protracted standoff with one of the world's top oil exporters. Read more »