Oil prices up again

Oil prices have risen for a second consecutive day following strong petrol demand data in the US, as investor sentiment steadied in global equity markets. US benchmark West Texas Intermediate for delivery in November added a modest five cents to $US82.75 a barrel on the New York Mercantile Exchange on Friday. European benchmark Brent oil for December delivery advanced 34 cents to $US86.16 a barrel in London. Analysts said the market continued to take a hopeful reading from Thursday's US energy inventory data, which showed petrol inventories fell 4.0 million last week. The drop in oil prices has helped push petrol prices in the US down to a national average of $US3.14 per gallon compared with $US3.36 last year, according to the American Automobile Association. Lower petrol prices often lead to higher consumption, according to skynews.com