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Page last updated at 20:29 GMT, Thursday, 15 October 2009 21:29 UK
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Oil hits new 2009 high above $77

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The price of oil has reached a new high for 2009, at more than $77, after a surprise drop in US gas stockpiles pushed up the cost of both gas and oil.

Gas inventories fell by 5.2m barrels in the week to 9 October, the Energy Information Administration said. Analysts had been expecting a rise.

The news sent the price of oil up, with US crude rising by more than $2, settling at $77.58 a barrel.

London Brent crude gained $1.35 to settle at $74.45 a barrel.

Crude oil is now at its highest level since 10 October 2008.

After six consecutive days of gains, it is on its longest winning streak since July.



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