Oh Dear

From the department of it's-all-coming-together:
Oil prices rose above $77 a barrel on Thursday as official data showed that US reserves of crude and petrol had fallen more heavily than expected.

Dwindling hopes of a rise in output from next week's meeting of producers cartel Opec, also pushed up prices.

October light sweet crude rose 57 cents to $76.30 a barrel having climbed above $77 earlier. Meanwhile Brent crude surged 43 cents to $74.77.

The rise is a move towards the record high of $78.77, seen on 1 August.

Gains were pared by data showing higher utilisation of US refineries.

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