Business, Financials
July 13, 2010

Oil prices climb

NEW YORK, United States — OIL prices rose yesterday as the global recovery got a boost on two fronts after weeks of mixed economic news.

Benchmark crude for August delivery gained US$2.20 to settle at US$77.15 on the New York Mercantile Exchange, a day after the quarterly company earnings season got off to a better-than-expected start. In addition, a new global forecast called for a slight improvement in oil demand next year.

The prospect of an improving economy with stronger demand for oil and gas offset concerns about above-average supplies, which have kept crude prices bouncing between US$70 and US$80 a barrel since the end of May.

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