Crude rises towards $70 after 3.2% fall

Crude rises towards $70 after 3.2% fall

Perth: US crude prices rose towards $70 a barrel on Tuesday, after a sharp decline in the previous session on renewed concerns about ongoing weakness in energy demand.

Nymex crude for October delivery rose 28 cents to $69.99 a barrel by 0142 GMT. The contract settled down $2.33 at $69.71 a barrel on Monday.

The International Energy Agency said world electricity output was likely to drop this year for the first time since 1945, while Sinopec, Asia’s top oil refiner, said demand for industrial fuels remains depressed in China, the world’s second largest oil consumer.

China, Asia’s top gasoline seller, exported 518,551 tonnes of petrol last month, customs data showed on Tuesday, the highest level in nearly two and a half years.