Oil rises above $68 on economic optimism

NEW YORK (Reuters) – Oil rose to top $68 a barrel on Friday on optimism a turnaround in the global economy would lift battered fuel demand.

U.S. crude settled up 89 cents at $68.05 a barrel, the highest settlement since July 1. The gains extended a rally that has pushed prices up more than 14 percent since July 14.

London Brent crude rose $1.07 to settle at $70.32 a barrel, after topping $70 a barrel for the first time since July 1 earlier.

“The market is continuing to feel the strength of economic optimism from the greater financial markets,” said Gene McGillian, analyst for Tradition Energy in Stamford, Connecticut.

Reuters