Oil extends rally, jumps above $63 - The Associated Press

By CHRIS KAHN(AP)– 1 day ago NEW YORK — Oil prices are extending their rally into a third straight day, rising above $63 a barrel Friday for the first time in 10 days.

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Benchmark crude for August delivery jumped $1.80 to $63.82 a barrel on the New York Mercantile Exchange. In London, Brent prices climbed $2.95 to $65.70 a barrel on the ICE Futures exchange. Earlier in the week, crude futures were tugged higher by a rally on Wall Street, and they continued to rise as China reported that its economy grew faster in the second quarter. But with the country still swimming in surplus oil and consumer demand hovering around 10-year lows, analysts struggled to find a fundamental reason for an extended rally in oil.

Full Story: Oil extends rally, jumps above $63 - The Associated Press