18 Jul 2009

Oil rises in price for 5th day

8:03 am on 18 July 2009

Oil prices rose again for a fifth day on Friday, by 2.5%.

US crude oil for August delivery settled up $US1.54 at $US63.56 per barrel. London Brent crude for September rose $US1.63 to settle at $65.38 per barrel.

Oil rose in spite of a strengthening of the US dollar by 0.3% against a basket of foreign currencies.

However, prices are still down more than $US6 per barrel since early July.

Refinery production in China was boosted by 6% in June, after a rise in domestic motor fuel prices.

Economic growth rose by 7.9% in the second quarter in China, fueled by state spending and bank lending.