Oil rose more than a dollar today after data showed the US economy shrunk less than expected in the second quarter, raising hopes the recession was easing.
US crude traded up $1.37 to $68.31 a barrel by 6.20pm, reversing earlier losses that sent prices as low as $64.96.
London Brent crude gained 49 cents to $70.60 a barrel.
US gross domestic product fell at a 1.0% annual rate, the US Commerce Department said, below analysts expectations for a 1.5% drop.
Optimism that demand could rise with an economic turnaround has helped lift crude prices from below $33 a barrel in December.
News that British oil major BP shut Europe's second largest oil refinery after a power outage, as well as the shutdown of petrol units in France and Germany by Total and a joint venture including Shell, also bolstered prices.
