World oil prices rallied above $76 today after five days of losses in a row, thanks to a weaker dollar and rising equities. Brent North Sea crude for delivery in October jumped $1.19 to $76.82 a barrel in London trade. New York's main contract, light sweet crude for September, climbed 92 cents to $76.16. Oil prices slid yesterday after Japan reported a sharp slowdown in second quarter growth, fanning worries about weak energy demand. Meanwhile it was reported that American oil company Anadarko has discovered offshore oil deposits in northern Mozambique, while studies are underway to determine if they are commercially viable. The discovery was in wells at a depth of about 5,100 metres (three miles) in the Indian Ocean's Rovuma basin, near the border with Tanzania. Mozambique - one of the world's poorest countries - is experiencing a commodities boom with international companies racing to exploit a range of minerals and metals, notably the largest untapped coal reserves in the world estimated at 15 billion tonnes.

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