Oil prices rose slightly today as stronger equities boosted hopes for economic recovery, outweighing US jobs data showed the unemployment rate at a 26-year high.
US crude rose 20 cents to $68.16 a barrel by 5.52pm. London Brent crude dropped 17 cents to $66.95.
US crude prices have been trading in a range between $65 and $75 a barrel since the start of August, with prices varying on economic data as investors seek clues about the speed of a recovery from the recession.
Oil dropped below $33 a barrel in December as slumping oil demand sent crude tumbling from a high near $150 in July 2008.
Traders are also watching for clues about whether the Organisation of the Petroleum Exporting Countries will change its output policy when it meets next week in Vienna.
High oil inventory levels in many consuming countries have been a concern for OPEC members. Still, most analysts expect the producer group, the source of more than a third of the world's oil supply, will agree to maintain its official output target to keep prices stable around $70.
Oil demand and supply data reviewed by a panel of OPEC economists ahead of next Wednesday’s meeting indicate no need for a change in output policy, two OPEC delegates said today.
