Oil nears US$72 on economy prospects (ext: Edge)

Oil rose more than US$2 (RRM7.02) to hit a one-month high near US$72 yesterday as positive Chinese economic data and firmer equities bolstered hopes of economic recovery and higher energy demand.
US crude rose as much as US$2.37 to hit US$71.82 a barrel, the highest since July 1. By 1351 GMT, it was trading US$1.73 higher at US$71.18.
Brent crude gained US$1.46 to US$73.16.
“We are getting close to the resistance area for crude oil and we need the continued support of equities,” said Olivier Jakob, an analyst at Petromatrix. “As long as this continues, the dips are going to be bought.”