Marking a healthy economic recovery, the oil price has reportedly surged to $82 a Barrel in New York, rising by 1.6%.

Following an announcement by Nicolas Sarkozy, the French President, about his inclination towards helping Greece in its economic recovery, crude surged by 1.1% in electronic trading.

"Economic sentiment is getting better with some supportive comments on the European debt situation", said Andrey Kryuchenkov, an Analyst with VTB Capital in London. "The momentum is bullish, but I think we'll struggle to push far beyond $82 when inventories are so swollen, unless the dollar tumbles", he added.

The improvements in the currency market contributed to the rise in crude. The oil prices are observed to be gaining every time the Dollar dips, as it in turn reduces the value of the dollar-denominated goods.

"The short-term uptrend lines in WTI is very much intact, suggesting that we very well could retest the 2010 highs of $83.95 a barrel, set on Jan. 11", said Edward Meir, an Analyst at MF Global in New York. "However, our belief is that should we get there, a rather substantial correction will set in, sending prices back into the mid-to high $70 range, as some of the long money comes off the table", said Meir.