Oil Rises for Seventh Day to Near $78

15 October 2009 (Last Updated October 15th, 2009 18:30)

Oil was up for a seventh session to just less than $78 a barrel today, after touching a one-year high earlier in the week. Year-highs for US stocks also helped oil power toward its best week of gains in nearly two months, even though investors were disappointed by results from top US ba

Oil was up for a seventh session to just less than $78 a barrel today, after touching a one-year high earlier in the week.

Year-highs for US stocks also helped oil power toward its best week of gains in nearly two months, even though investors were disappointed by results from top US banks Goldman Sachs and Citigroup, wrote Reuters.

US crude for November delivery rose $0.35 to $77.93 a barrel by 06.10 GMT, off a fresh year-high of $78.17 earlier, and Thursday's settlement price of $77.58.

London Brent crude was up $0.21 at $76.44.

Oil is headed for a gain of 8.5% this week, marking its longest weekly winning streak since July, but there are worries about how long the rally can be sustained, reported Reuters.

Oil's 3.2% gain on Thursday came after US Energy Information Administration data showed gasoline inventories fell by 5.2 million barrels last week, against analyst expectations for an increase.

Distillate stockpiles also fell unexpectedly, while crude stocks rose 400,000 barrels - smaller than the forecast of a 700,000-barrel build.