Oil prices rose today on hopes of sustained solid energy demand after the International Monetary Fund bumped up its global growth projections. Already stronger demand in the US, shown by a drop in crude inventories there, also helped push prices higher.
This evening, US crude was up 60 cents to $76.04 a barrel. Brent North Sea crude gained 68 cents to $75.39.
The IMF on Thursday upgraded its global growth forecast for this year despite renewed financial turbulence stemming from Europe's debt crisis. Stronger world growth means greater demand for oil as economic activities expand.
The market was also boosted by a report from the US Department of Energy showing that American crude oil reserves had plunged almost five million barrels in the week ending July 2, beating forecasts.
