Oil Rises to More Than $67

29 September 2009 (Last Updated September 29th, 2009 18:30)

Oil rose to more than $67, recouping day-ago losses as the US dollar eased against the euro and resource currencies including the Australian dollar. Prices fell on Tuesday due to builds in US crude and distillates stocks, a downgrade to energy demand and low consumer confidence data, r

Oil rose to more than $67, recouping day-ago losses as the US dollar eased against the euro and resource currencies including the Australian dollar.

Prices fell on Tuesday due to builds in US crude and distillates stocks, a downgrade to energy demand and low consumer confidence data, reported Reuters.

Also, US crude stocks jumped a hefty 2.8 million barrels last week and distillates, which include heating oil and diesel, rose 2.3 million barrels, American Petroleum Institute data showed.

Gasoline stocks fell 1.7 million barrels, according to Reuters.

A Reuters poll forecast a 600,000-barrel rise in crude stocks, as weak margins pressured refinery demand; a 1.2 million-barrel build in distillates and a 1 million-barrel increase in gasoline inventories.