The US recession is coming to an end, said US FED chief Ben Bernanke few days back. That was enough for pushing the crude oil prices to 72 dollars mark. Also there were reports of huge reduction in the US crude oil inventory in the last two weeks.
Also China reported further improvement in economic activity in August, far in excess of what the world was expecting. All these things pushed crude oil prices by over 4 dollars in the last one week.
Crude oil back to 72 dollars