Brent Crude Oil Rises Above $78 a Barrel; Reaches 11-Month High

July 16 (Bloomberg) -- Brent crude oil, the benchmark for two-thirds of global supplies, rose above $78 a barrel for the first time since Aug. 9.

Crude oil for August settlement rose as much as 45 cents, or 0.6 percent, to $78.02 a barrel in electronic trading on the London-based ICE Futures exchange. It traded at $78 at 3:38 p.m. Singapore time.