Oil Price Rises to More Than $72

10 September 2009 (Last Updated September 10th, 2009 18:30)

Crude oil edged higher on Friday 11 September to just more than $72 a barrel, supported by a softer dollar and gains in equities, according to Reuters. Equities markets rose about 0.5% in Asia off early highs, which stripped some support from energy. NYMEX crude for O

Crude oil edged higher on Friday 11 September to just more than $72 a barrel, supported by a softer dollar and gains in equities, according to Reuters.

Equities markets rose about 0.5% in Asia off early highs, which stripped some support from energy.

NYMEX crude for October delivery stood at $72.05 a barrel by 03.29 GMT, up $0.11 from Thursday's settlement. Oil earlier touched $72.38 and prices are on track for the biggest weekly rise since the middle of August, according to Reuters.

London Brent crude rose $0.28 to $70.14 a barrel.

China's crude oil imports in August surged about 25% on the year to 19.6 million tons, near a record high, or about 4.6 million barrels per day, Reuters calculations based on official customs data showed.

The International Energy Agency raised its demand outlook and the US Energy Information Administration reported that crude inventories fell 5.9 million barrels last week, four times more than a Reuters poll forecast.