02/06/2009 00:00 AST

Crude oil prices soared above $68 a barrel for the first time in seven months, boosted by higher Chinese output, a weak US currency and rising equity markets, traders said.

New Yorks main futures contract, light sweet crude for July delivery, shot up to $68.68 on the back of a Wall Street stock surge before ending at $68.58, up by 2.27 dollars from Fridays close.

The price levels were last reached at the end of October. London Brent North Sea crude for delivery in July bounced as high as $68.03 a barrel before ending at $67.97 ,up $2.45 from Friday.

Prices climbed largely due to the weak dollar, said Antoine Halff of Newedge Group.

For more on this:

http://economictimes.indiatimes.com/News/Economy/Oil-soars-above-68-to-seven-month-high/articleshow/4606494.cms

 


The Economic Times

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