Oil rises above US$61 after strong US GDP growth in Q3

London

BRENT crude oil rose above US$61 a barrel on Tuesday after data showed the US economy grew at its quickest pace in 11 years in the third quarter, outweighing downward pressure from a global glut and evidence of weak demand in other parts of the world.

The Commerce Department on Tuesday revised up its estimate of US gross domestic product growth to a 5.0 per cent annual pace from the 3.9 per cent rate reported last month, citing stronger consumer and business spending.