“Oil Prices Firm Above 70 Dollars In Asian Trade”

Wednesday, June 10, 2009 at 6:12 pm

Singapore, Jun 10 (AFP) Oil firmed above 70 dollars a barrel to new seven-month highs in Asian trade today on weakness in the US dollar and hopes of a recovery in the global economy, analysts said. New York’s main futures contract, light sweet crude for July delivery, climbed 81 cents to 70.82 dollars a barrel after closing above the 70-dollar mark for the first time since

November in US trade overnight.

Brent North Sea crude for delivery in July also hurdled the 70 dollar level, gaining 55 cents to 70.17 dollars in morning trade.

Analysts attributed the price rise to signs that the worst is over for the recession-hit US economy, the world’s biggest energy consumer, as well as weakness in the US dollar.

A weaker dollar makes dollar-priced crude cheaper for buyers holding stronger currencies.