Oil continues rally to hit almost $78 per barrel

10/16/2009 | Reuters

The price of oil rose to a one-year high Friday, then settled at nearly $78 per barrel. The jump came after the U.S. Energy Information Administration released data showing that gasoline inventory unexpectedly decreased by 5.2 million barrels last week. Analysts warned that the rally might not last. "A correction is on the cards. I would expect profit-taking to set in next week and for oil to retreat to the mid- to low-$70s," said Ben Westmore, an analyst at National Australia Bank.

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