Oil Tops $72 on Hope of Economic Recovery

11 October 2009 (Last Updated October 11th, 2009 18:30)

Oil rose to more than $72 a barrel on Monday on optimism about the pace of global economic recovery and indications of stronger oil demand. Crude gained 2.6% last week, largely bolstered by a falling dollar, reported Reuters. The gain was also helped by firmer oil d

Oil rose to more than $72 a barrel on Monday on optimism about the pace of global economic recovery and indications of stronger oil demand.

Crude gained 2.6% last week, largely bolstered by a falling dollar, reported Reuters.

The gain was also helped by firmer oil demand forecasts from the International Energy Agency and the US Energy Information Administration.

US crude for November delivery rose $0.45 to $72.22 by 4am EDT. The market reached a 2009 high of $75 in August. London Brent crude added $0.50 to $70.50.

Signs emerged today that, while world energy demand is expected to rise more strongly than forecast, key exporters continue to keep a lid on supplies, according to Reuters.

Saudi Arabia, the world's top oil exporter, will keep steady in November its curbs on the contracted volumes of crude it supplies to Asian term buyers, according to industry sources speaking to Reuters.