Oil up, but demand slow

Oil rose yesterday after slipping 2.3 per cent a day earlier on a larger-than-expected build in US crude inventories.

A weaker dollar, record gold prices, copper at a 14-month peak and a 2.3 per cent rally in Japan's main equity market did little to counter worries about rising inventories and slow demand.

Nymex crude for January delivery rose 30c to US$76.90 a barrel, after settling down US$1.77 at US$76.60 on Wednesday. Brent crude was up 48c at US$78.36 per barrel.