Oil Price Rises Towards $80

5 November 2009 (Last Updated November 5th, 2009 18:30)

Oil prices rose slightly on Friday, supported by positive US economic data. Oil prices fell nearly 1% on Thursday as high fuel inventories in the US raised worries about a recovery in oil demand, reported Reuters. US crude for December delivery crept up $0.32 to $79.94

Oil prices rose slightly on Friday, supported by positive US economic data.

Oil prices fell nearly 1% on Thursday as high fuel inventories in the US raised worries about a recovery in oil demand, reported Reuters.

US crude for December delivery crept up $0.32 to $79.94 a barrel by 2.42am EST, after shedding $0.78 to settle at $79.62 on Thursday.

London Brent crude rose $0.44 to $78.43.

Oil prices are set to gain 3.8% this week, clawing back some of the previous week's 4.4% losses, reported Reuters.

Weekly inventory data yesterday showed that US distillate stocks - often taken as a more faithful snapshot of demand than crude oil - fell 400,000 barrels compared with analyst expectations for a 1 million-barrel decline, according to Reuters.