| Kippreport.com

Oil touches $71 after big fall

September 22, 2009 3:54 by kippreport

Crude oil price reached $71 a barrel on Tuesday, its first gain in four days, thanks to a rise in global stocks, reports the Associated Press. Prices fell sharply following reports that China’s crude consumption fell 5.4 percent in August from July.

However, a report from the Asian Development Bank said that the Asia is heading for a global economic recovery, which in turn pushed world markets higher and increased oil prices, says AP.

Oil prices have risen by around 60 percent this year on speculation that demand for fuel will recover across the world.

Tags: crude oil prices, increase, market