Crude prices rebound above 70 U.S. dollars

08:05, December 16, 2009      

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Crude prices rebounded above 70 U.S. dollars per barrel on Tuesday after a nine -straight-day decline.

Crude prices rose after the Organization of Petroleum Exporting Countries (OPEC) said Tuesday that it expected that the world would consume more crude next year than previous estimates.

The cartel, which pumps a third of the world's oil, raised its forecast for world oil demand in 2010 to an average 85.1 million barrels per day, up by 70,000 bpd from its forecast last month.

Light, sweet crude for January delivery rose 1.18 dollars to 70.69 a barrel. In London, Brent crude rose 23 cents to 72.12 on the ICE Futures exchange.

Crude prices fell more than 11 percent since Dec. 1 as U.S. dollar rebounded against other major currencies.

Source: Xinhua
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