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Oil prices hover over $71

19 June 2009 08:09 (UTC +04:00)

Oil traded in a $3 range this week after rising 28 percent in the previous four. The index of U.S. leading economic indicators rose in May, the U.S. Commerce Department said yesterday. Petroleum products demand in the U.S., the worldâ€™s largest energy user, fell 6 percent over the past four weeks to June 12 from a year ago, the Energy Department said June 17.
Crude oil for July delivery was at $71.50 a barrel, up 13 cents, in electronic trading on the New York Mercantile Exchange at 12:43 p.m. Singapore time. Prices have risen 60 percent this year and reached a seven-month high of $73.23 on June 11. Oil prices are poised to fall 0.7 percent this week.
The July contract expires June 22. The more-active August contract was at $72.10 a barrel, up 19 cents, at 12:34 p.m. Singapore time.
Brent crude for August settlement was at $71.20 a barrel, up 14 cents, on Londonâ€™s ICE Futures Europe exchange at 12:43 p.m. Singapore time.