Oil prices edge towards $72

12 October 2009

The price of oil reached nearly $72 (€48.94) a barrel on Friday as the market ended the week up 2.6 per cent.

US crude for November delivery rose by eight cents to close at $71.77 a barrel, while London Brent crude gained 23 cents on the previous day to settle at $70.

The market came under pressure in early trading as a rise in the value of the dollar made commodities less appealing to buyers using other currencies.

However, oil prices were boosted by a report from the International Energy Agency which forecast an upturn in global fuel demand for both this year and next.

The group raised its outlook for oil consumption by 200,000 barrels a day in 2009 and 350,000 barrels a day next year, prompting renewed optimism among investors.

Home heating oil customers saw crude prices continue to rise in early morning trading on Monday as values reached more than $72 a barrel.

US crude for November delivery increased by 49 cents to hit $72.26 a barrel by 06:30 BST, while London Brent crude rose 52 cents to $70.52.

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