Oil prices rose $1 a barrel this evening, boosted by the weaker US dollar and expectations of another fall in US crude inventories.
US crude traded up $1.04 to $69.13 a barrel, rebounding from two days of losses. London Brent crude gained $1.08 to $68.96.
Oil prices have more than doubled since February, rising with stock markets and helped by currency movements as a weaker US currency makes dollar-denominated commodities cheaper.
Expectations of global economic recovery and a potential rise in fuel demand have spurred buying across a range of markets. Traders were also awaiting US inventory data due out tonight and tomorrow.
Société Générale today raised its year-end crude oil price forecasts for 2009 by $8.50, to $65 a barrel, in the third quarter and lifted its fourth-quarter forecast by $11.50, to $72.50, citing higher expected US five-year inflation in a research note.
