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Oil Rises

 Phil Amato     Created: 10/12/2009 6:15:14 AM    Updated: 10/12/2009 6:16:23 AM
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SINGAPORE (AP) -- Oil prices rose above $72 a barrel today in Asia as investors looked to a slew of U.S. corporate earnings reports this week for signs of economic recovery.

Crude investors will be eyeing third quarter company results and forecasts for the rest of the year for clues about the strength of the U.S. economy.

A more optimistic crude demand forecast by the International Energy Agency on Friday helped boost trader confidence.

On Sunday, Kuwaiti oil minister Sheik Ahmed Al Abdullah Al Sabah told the state news agency that an oil price range between $60 to $80 a barrel is acceptable -- echoing earlier remarks by Saudi Arabia.

©2009 Associated Press. All rights reserved. This material may not be published, rewritten, or redistributed.



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