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The price of oil has risen sharply as the dollar weakened against the pound and the euro.

US light crude rose US$3.06 to US$77.19 a barrel at one point on Tuesday, its biggest daily rise in more than four months. It finished the day at US$77.01. Meanwhile, London Brent settled up US$3.17 at US$75.68 a barrel.

The dollar was down more than a cent against the euro to US$1.3766. Against the pound it fell to US$1.5789.

The euro has weakened since concerns about high levels of debt among some European governments, most notably Greece, spooked markets. But it recovered some ground on Tuesday as fears for the 16-nation currency receded after European finance leaders told Greece to cut spending to reduce its budget deficit.

Despite the jump in the oil price, some analysts warned that it may soon fall due to weak demand and plentiful supply.

"On the back of high inventories of crude oil and oil products, a weak refinery demand in the western world and expanding Opec production, we continue to see downside risk for the oil price," said oil analysts at Commerzbank.

VOVNews/BBC