Oil Price Rallies Above $73

8 December 2009 (Last Updated December 8th, 2009 18:30)

Crude oil prices rose above $73 a barrel, following a big drop in US crude stocks and the weakening of the dollar. Crude inventories in the world's top oil consumer US fell 5.8 million barrels last week, according to the American Petroleum Institute (API). API data also showed

Crude oil prices rose above $73 a barrel, following a big drop in US crude stocks and the weakening of the dollar.

Crude inventories in the world's top oil consumer US fell 5.8 million barrels last week, according to the American Petroleum Institute (API).

API data also showed a fall of 753,000 barrels of US gasoline inventories on Tuesday, while distillates, which include heating oil and diesel, rose by 1 million barrels, according to Reuters.

For January, US crude delivery rose 88¢ to $73.50 per barrel by 0856 GMT, while London Brent crude rose 78¢ to $75.97.

NYMEX crude stood at $72.43 on Monday, its lowest level since late November.