Oil Trading Above 71 Dollars a Barrel

SINGAPORE: Oil traded above 71 dollars a barrel in Asia Tuesday despite a bout of profit taking after a dramatic rally overnight on signs the ailing global economy was on the mend.

New York’s main contract, light sweet crude for September delivery, fell 15 cents to 71.43 dollars a barrel, after surging 2.13 dollars in US trade Monday. The New York benchmark contract hit an intraday peak of 72.20 dollars, its highest level since late June. Brent North Sea crude for delivery in September was up nine cents to 73.64 dollars.

Analysts said data showing that the global economy was improving and good corporate earnings results were helping pushing oil prices higher.

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Oil Trading Above 71 Dollars a Barrel