Oil above $80 a barrel on US growth

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Posted: Friday, Oct 30, 2009 at 1048 hrs IST
Updated: Friday, Oct 30, 2009 at 1048 hrs IST

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Singapore: Oil prices surged back above USD 80 a barrel in Asian trade today on news the United States has emerged from a long and painful recession after posting its strongest growth in two years.

New York's main contract, light sweet crude for December delivery, was trading at USD 80.08 in morning trade, up 21 cents from the previous day.

Brent North Sea crude for December was up 10 cents to USD 78.14.

After four consecutive contractions, the world's largest economy grew at a seasonally adjusted 3.5 per cent in the September quarter from the previous three months, the Commerce Department said.

The rise was the biggest since the 2007 third quarter, when the subprime mortgage market sparked a global financial crisis that spilled over into the world economy.

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Oil above $80 a barrel on US growth

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