Crude broke through $71 a barrel on continued optimism for a sharp upswing in world economic activity and a further rebel attacks on the petroleum industry in Nigeria.

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China Petrochemical Corp., the Chinese state oil company also known as Sinopec Group, has agreed to acquire oil explorer Addax Petroleum for 8.27 billion Canadian dollars (US$7.2 billion), in what would be, if completed, the largest overseas takeover ever by a Chinese company.

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Oil prices jumped above 69 dollars on Friday, buoyed by hopes of a boost in energy demand amid signs of a world economic recovery, analysts said.

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Oil prices hovered above $70 a barrel Wednesday in Asia as investors weighed mixed signals from the U.S. economy amid tumbling equity markets.

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Oil prices climbed past 71 dollars per barrel on Wednesday, scaling an eight-month pinnacle on the back of the weak US currency and hopes of a recovery in global energy demand. Skip related content.

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Venezuela’s state oil company reported Sunday that it reaped a 50 percent increase in earnings in 2008 over the previous year due mainly to high oil prices.

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Oil prices will remain in the range of USD 65-70 per barrel, the Algerian Minister of Energy and Minerals, said on Saturday.

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Oil prices recovered on Thursday after plunging a day earlier on a surprise jump in US crude reserves. Skip related content
New York’s main futures contract, light sweet crude for delivery in July, rose 1.16 dollars to 67.28 dollars a barrel.

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Crude oil prices soared Monday above 68 dollars a barrel for the first time in seven months, boosted by higher Chinese output, a weak US currency and rising equity markets, traders said.

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OPEC secretary general Abdalla Salem El-Badri
said Friday he expected oil prices to rise to 70-75 dollars per barrel by the end of this year.

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