Brent oil price rises above $65 in Asia after two day plunge

Brent oil price rises above $65, Friday trading in Asia after two day plunge in global oil prices. In London, Brent crude rose 79 cents to $65.61 on the ICE Futures exchangel by midday Singapore time in electronic trading on the ICE. On Thursday, the Brent oil fell around $3 to end on an eight week low.

Oil prices fell during Wednesday and Thursday after an unexpected increase in US crude and gasoline supplies triggered doubts about consumer spending and the strength of the economic recovery. “People have been too optimistic about the economy,” said Clarence Chu, a trader at market maker Hudson Capital Energy in Singapore. “The US and Europe are still losing jobs every month.”

Brent crude oil has traded between $65 and $75 for months, a period of stability after prices soared to $147 in July 2008 before crashing to $32 in December. “If next week’s inventory number shows another build, we could break below $65,” Chu said. “Until that happens, I still think we’re range bound.”

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