25 Jul 2009

Oil rises above $US68/barrel

7:53 am on 25 July 2009

Oil rose above $US68 per barrel in price on Friday on optimism that a turnaround in the global economy would lift demand.

US crude settled up 89 cents at $US68.05 per barrel. Prices are up more than 14% since 14 July.

London Brent crude rose $US1.07 to settle at $US70.32 per barrel.

Crude was below $US33 per barrel in December, after slumping from a record $US147.27 per barrel on 11 July, 2008.