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Oil demand is on the mend, says expert

12 October, 09
The price of oil has risen to its highest level in six weeks thanks to the continuing weakness of the US dollar, an expert has said.

John Kilduff, senior vice president of energy at MF Global in New York, told news agency Bloomberg that recent increases in the price of oil stock has made investors more optimistic, and could lead prices to rise higher.

Some analysts have speculated that the rising price could be a sign that global demand for oil is beginning to pick up following the recession.

Christopher Bellew, senior broker at global commodity dealer Bache Commodities, said: "Demand does seem to be on the mend, particularly in Asia."

Oil prices rose to higher than $73 (£46.20) per barrel.

Less than a year ago, oil cost more than $90 a barrel, but since November 2008 it has dropped, and has now been consistently between $65 and $75 a barrel for the last five months.ADNFCR-2675-ID-19404719-ADNFCR

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Oil demand is on the mend, says expert