Oil Gains on Stronger Asian Demand

Oil broke through the $77 a barrel mark in early afternoon trading in Europe as investors considered the impact of increasing demand from Asian countries and China in particular. Concerns over supply disruptions also impacted prices as shipments were shutdown for a second day as repair crews attempted to fix a leak in a major pipeline running through Chicago and the US mid-west.

By early afternoon in Europe, benchmark crude for October delivery was up 72 cents to $77.17 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract rose $2.20 to settle at $76.45 on Friday.

Source: The Associated Press

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