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| Version 0 | Version 1 |
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| Oil price rises above $81 level | Oil price rises above $81 level |
| (about 11 hours later) | |
| The price of oil has risen above $81 a barrel, a new high for the year, as hopes rise that the global economic recovery is picking up pace. | The price of oil has risen above $81 a barrel, a new high for the year, as hopes rise that the global economic recovery is picking up pace. |
| US light crude rose to $81.43 a barrel, before slipping back to $80.22. London Brent also climbed before dropping back to $78.67 a barrel. | |
| The price was boosted by figures released on Thursday showing China's economic growth had accelerated. | The price was boosted by figures released on Thursday showing China's economic growth had accelerated. |
| But a strengthening dollar caused the price to fall in afternoon trading. | |
| The price of oil has risen in recent weeks, largely on the back of strong company results in the US which have fuelled optimism for the global economic recovery. | |
| But there are concerns that sentiment, rather than fundamentals, is driving the oil price, and that once these fundamentals re-establish themselves, the price may fall. | |
| These include spare capacity, stock piles of oil and weak demand among industrialised nations. |