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Oil prices near $70 on world markets

02 June 2009 07:50 (UTC +04:00)

Light sweet crude for July delivery, shot up to 68.68 dollars on the New York Mercantile Exchange before ending at 68.58 dollars, up by 2.27 dollars from Friday’s close.

London Brent North Sea crude for delivery in July bounced as high as 68.03 dollars a barrel before ending at 67.97 dollars, up 2.45 dollars from Friday.

On Tuesday, light sweet for July delivery fell as much as 78 cents, or 1.1 percent, to $67.80 a barrel while Brent crude for July settlement remained unchanged at $67.97.

Traders have also been investing in oil on signs the worst of a severe recession in the U.S. is over, and that growth may be picking up in China.

Meanwhile, French bank BNP Paribas raised its 2009 average U.S. oil forecast to $52 from $45and average U.S. crude oil price forecast for 2010 to $75 a barrel from $63.

BNP raised its forecast for Brent crude in 2009 to $52 from $45 and for 2010 to $76 from $63.