Oil rises above $101 after ECB decision

Oil surged more than $2 a barrel on Wednesday, rising along with other commodities and the euro as investors held out hope for major central banks to steer the economy out of crisis.

Brent crude surged to an intra-day high of $101.23 a barrel before easing back to $101.07 - a gain of $2.23 by 1359 GMT. US crude climbed $1.64 to $85.93. (Reuters)