Oil price rises to 8-wk high on demand hopes, U.S. export decline

Brent futures rose 77 cents, or 1.1%, to settle at US$69.32 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 80 cents, or 1.2%, to settle at $66.08. That was the highest close for Brent since March 11 and for WTI since March 5.

NEW YORK: Oil prices rose to an eight-week high on Wednesday as U.S. crude exports plunged and on signs of a speedy economic recovery and upbeat forecasts for energy demand.

Brent futures rose 77 cents, or 1.1%, to settle at US$69.32 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 80 cents, or 1.2%, to settle at $66.08.