Oil is heading towards $69 per barrel amid speculations of worldwide economic revival.

For the September delivery, U. S. crude on Monday recorded a rise of 50 cents to settle at $68.55 per barrel, up from $68.05 per barrel on Friday.

In London, Brent crude settled at $70.80, up 48 cents.

Rally in the equity markets as well as optimistic macroeconomic data propped up crude oil's rally.

According to some economists, faster recovery in Asian countries, especially China, would back up oil prices in the recent future.

Speaking on the topic, a technical analyst at Barclays Capital said, "The central factor in determining the speed of adjustment in oil products will be the pace of recovery in Asia."

The Dow Jones industrial average took aleap of approximately 11% in the preceding 10 days.

It may be noted here that, only last week, oil prices soared approximately 7.2%.

Equity along with crude markets is showing signs correction in the near future.