Oil prices rose in volatile trading this evening, having seesawed with Wall Street as markets assessed second-quarter US economic growth data and cautionary remarks from Federal Reserve Chairman Ben Bernanke.
Bernanke said the US recovery has softened more than expected. His remarks came after the US Commerce Department revised its second-quarter growth estimate downward, although by less than expected.
The US dollar fell against the euro in equally volatile trading, helping to support oil prices, which are priced in dollars. US crude rose 88 cents to $74.24 a barrel, while Brent was up $1.02 at $76.04.
Bloated US fuel inventories have depressed prices of benchmark US crude relative to North Sea Brent.
