CRUDE oil futures prices rose sharply yesterday as Wall Street was fuelled by optimism after monthly data showed the manufacturing sector in the US shrank at a slower pace in July.
In London, Brent crude futures hit a 2009 high above $73 a barrel, with prices also supported by a weaker US dollar.
The dollar fell to a 2009 low against a basket of major currencies and the euro.
September crude in New York settled up $2.13 to $71.58 a barrel, while in London September Brent crude rose $1.85 to settle at $73.55, having traded earlier up to $73.75, a 2009 peak. The prices rally came after strong gains on global stock markets in recent weeks amid positive economic data.