10 Jul 2009

Oil rises in price after six-day slide

8:58 am on 10 July 2009

US crude oil settled up 27 cents at $US60.41 per barrel after briefly dipping below $US60. Crude fell from $US71 per barrel in the previous six sessions.

London Brent crude gained 67 cents to settle at $US61.10 per barrel.

Weekly inventory data for the United States issued on Wednesday showed a rise in gasoline stocks.

Stocks of distillates, which include diesel fuel, were last week at their highest for almost 25 years, due to low demand.