Crude prices top 78 U.S. dollars on upbeat reports

Oil&Gas Materials 25 December 2009 02:22 (UTC +04:00)

Crude prices topped 78 U.S. dollars a barrel Thursday on upbeat economic reports, Xinhua reported.
   The reports showing a drop in initial jobless claims and growth in durable goods orders in November boosted economic optimism.
   Jobless claims, reached their lowest levels since last September, helped push energy futures higher Thursday before the long weekend.
   Light, sweet crude futures for February delivery rose nearly 2 percent, or 1.38 dollars to settle at 78.05 dollars on the New York Mercantile Exchange.
   In London, Brent crude for February delivery rose 86 cents to 76.31 dollars on the ICE Futures exchange.
   Crude prices rallied more than 3 percent on Wednesday due to a larger-than-expected fall in U.S. crude inventories last week.