Oil prices top $68 on fresh economic optimism

27 July 2009

Crude oil prices climbed above $68 (£41.35) a barrel on Friday as hopes of an economic turnaround were boosted by a raft of positive earnings reports.

US crude rose 89 cents to settle at $68.05 a barrel, marking its highest closing point since July 1st.

Meanwhile, London Brent crude edged back above $70, climbing $1.07 to close at $70.32 a barrel.

The gains came on the back of a series of corporate earnings reports and industrial data from across the US and Europe which suggested that the worst of the recession could be over.

Gene McGillian, analyst for Tradition Energy, told Reuters: "The strength of the rally is derived mainly from the idea that as we enter the end of this year and early next year, further economic gains will kick demand back in."

Home heating oil customers might therefore wish to stock up on supplies of the fuel now in order to avoid the effects of any future hike in crude prices.

Values have already climbed by more than $4 over the course of the past seven days, having stood at less than $64 a barrel at the same time last week.

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