Oil prices edge back above $70 a barrel

May 16, 2006 22:55

Crude oil futures rose Tuesday, reversing some of the declines in the previous two trading sessions that were sparked by reports of weakening demand. "There is still plenty of worry around geopolitics" and the upcoming Gulf of Mexico hurricane season, said Fimat USA analyst John Kilduff. Light sweet crude for June delivery rose $1.09 to $70.50 a barrel on the New York Mercantile Exchange, where prices had fallen by more than $4 since Friday, when the International Energy Agency warned that global demand growth was slowing.

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