Oil Price Climbs to More Than $77

1 November 2009 (Last Updated November 1st, 2009 18:30)

The price of oil rose to more than $77 a barrel on Monday, retracing some of the previous session's drop. US crude for December delivery rose $0.55 to $77.55 a barrel by 08.53 GMT (03.53am EST), reversing some of Friday's loss of $2.87. Brent crude rose $0.61 to $75.81.

The price of oil rose to more than $77 a barrel on Monday, retracing some of the previous session's drop.

US crude for December delivery rose $0.55 to $77.55 a barrel by 08.53 GMT (03.53am EST), reversing some of Friday's loss of $2.87.

Brent crude rose $0.61 to $75.81.

Oil fell 3.6% on Friday, pressured by data that showed weaker US consumer sentiment in October and consumer spending cuts in September, dashing hopes of a quick rebound in energy demand, reported Reuters.

Oil reached a one-year high of $82 in late October.