17 Jul 2009

Oil prices rise again

8:06 am on 17 July 2009

Crude oil prices rose again in the United States on Thursday.

US crude oil rose 48 cents to settle at $US62.02 per barrel. London Brent eased 34 cents to $US62.75 per barrel ahead of the August contract's expiry.

The gains added to a rally of more than $US2 on Wednesday.

However, prices remain down nearly $US10 since early July.

According to the International Energy Agency, the global recession has cut world oil demand by as much as 2.5 million barrels per day.