Oil prices rose above $84 per barrel on Wednesday in Asia as stock markets rallied on strong business earnings and additional airports opened in volcanic ash smacked Europe, lessening fears of reduced demand for crude oil.

Benchmark rate of crude, for the month of June, increased by 48 cents at $84.33 in electronic trading on the New York Mercantile Exchange. It rose by 72 cents to settle at $83.85 per barrel on Tuesday. Trading in the May contract has now shifted to the June contract.

Oil prices had plummeted over the last two weeks, dipping for eight of the past 10 trading days ever since it hit $87 per barrel in the earlier parts of this month.

Positive corporate results also injected optimism into commodities markets. Apple Inc. reported higher-than-expected earnings on Tuesday, whilst Goldman Sachs results beat forecasts, forcing Japan's Nikkei up by 1.7% on Wednesday.

In the preceding week, oil prices have been battered as the US Securities and Exchange Commission sued Goldman and an ash cloud from an eruption in Iceland that brutally disrupted European air travel, cutting jet fuel demand.

Market analysts say that the volcanic eruption in Iceland, that shut down air traffic in much of Europe, since last week, slashed demand for jet fuel. But flights have now begun landing in cities such as London and Paris though some European airports remained shut.

Also, increasing sentiment in oil markets were gains in Asian stocks after Goldman Sach's first-quarter corporate profit numbers surpassed current concern about fraud charges against the investment bank. Apple Inc., for the meantime, shocked expectations with a 90% jump in net proceeds for the most recent quarter, boosting technology shares.

European airports started to come back to life on Tuesday after five days cut off from the rest of the world as authorities reduced the risk that volcanic ash caused for aircraft.