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 eviden, 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.

North Sea Brent crude has almost halved in price over the last six months as high quality crude oil from North America has overwhelmed demand. Brent reached a five-and-a-half-year low of US$58.50 last week.

Brent for February rose US$1.38 a barrel to a high of US$61.49, before easing back to trade around US$6…