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| Oil prices rise to 10-month highs | Oil prices rise to 10-month highs |
| (about 4 hours later) | |
| Oil prices have risen to 10-month highs on fresh signs that the global economic recovery is gathering pace. | Oil prices have risen to 10-month highs on fresh signs that the global economic recovery is gathering pace. |
| US light crude was up 39 cents to $74.28 by afternoon in New York, after earlier touching $74.81, its highest intra-day price since October. | |
| The rise came after official figures showed that new industrial orders in the 16 nations that share the euro rose more than expected in June. | The rise came after official figures showed that new industrial orders in the 16 nations that share the euro rose more than expected in June. |
| London's Brent crude had advanced six cents to $74.25. | |
| 'Positive news' | 'Positive news' |
| China reporting that its oil demand increased 3.5% in July, compared with the same month last year, also lifted prices. | China reporting that its oil demand increased 3.5% in July, compared with the same month last year, also lifted prices. |
| We could now easily move towards the $80 mark if the growing enthusiasm about the budding economic recovery continues to dominate sentiment Edward Meir of MF Global | We could now easily move towards the $80 mark if the growing enthusiasm about the budding economic recovery continues to dominate sentiment Edward Meir of MF Global |
| And a report from the Federal Reserve Bank of Chicago said US economic activity improved again in July. | And a report from the Federal Reserve Bank of Chicago said US economic activity improved again in July. |
| "The Chinese news was good and we had some positive news out of Europe as well," said Rob Montefusco, a trader at Sucden Financial in London. | "The Chinese news was good and we had some positive news out of Europe as well," said Rob Montefusco, a trader at Sucden Financial in London. |
| Global oil prices have now increased more than 65% so far this year. | Global oil prices have now increased more than 65% so far this year. |
| US light crude hit a record high of $147 a barrel in July last year, before falling back to just above $30 a barrel at the start of this year, as the global recession worsened. | US light crude hit a record high of $147 a barrel in July last year, before falling back to just above $30 a barrel at the start of this year, as the global recession worsened. |
| "We could now easily move towards the $80 mark if the growing enthusiasm about the budding economic recovery continues to dominate sentiment," said fellow oil analyst Edward Meir of MF Global. | "We could now easily move towards the $80 mark if the growing enthusiasm about the budding economic recovery continues to dominate sentiment," said fellow oil analyst Edward Meir of MF Global. |