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May 17, 2010

Oil Prices Above $70

Oil rose to $70 a barrel a today after hitting a five-month low yesterday on concerns about the global economy. For June delivery, US crude rose 57¢ to $70.65 at 02.37 GMT, while London Brent crude for July gained 71¢ to $75.81 a barrel, according to Reuters. Crude i

By cms admin

Oil rose to $70 a barrel a today after hitting a five-month low yesterday on concerns about the global economy.

For June delivery, US crude rose 57¢ to $70.65 at 02.37 GMT, while London Brent crude for July gained 71¢ to $75.81 a barrel, according to Reuters.

Crude inventories are expected to rise 700,000 barrels, while distillate stocks are projected to increase by one million barrels and petrol stockpiles to fall by 1.1 million barrels.

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