Oil Rises Over $72 a Barrel

Oil rose past $72 a barrel in after-hours trading Wednesday for the first time in seven months, Bloomberg reported.

Crude oil for July delivery reached $72.30 on the New York Mercantile Exchange, its highest price since Oct. 21, Bloomberg said.

The peak came shortly after the International Energy Agency, an adviser for 28 nations, increased its global consumption outlook for the first time since August, saying that the global recession is bottoming out, Bloomberg said.

IEA increased its estimate for daily oil demand by 120,000 barrels to 83.3 million barrels in the monthly report it released Wednesday.