Oil prices reach an 18-month high following on US encouraging data

Monday, April 5th 2010 - 23:57 UTC

Full article 2 comments

The price was below 70 USD a barrel in early February

Oil prices have reached an 18-month high as analysts predict the recovery of the US economy and a rising demand for fuel. Crude oil for May delivery hit a high of 85.89 USD a barrel at one point in New York trading - the dearest since the peak of the financial crisis in October 2008.

The price spike came following the release of figures that show US employers added 162,000 jobs in March - the largest job gain in three years.

Crude oil stood below 70 USD a barrel in early February, but has risen steadily higher as traders bet that the emergence of the world's largest economy from recession will eventually spark higher oil demand.

“The market was positive before but now it's been confirmed” said Clarence Chu, a trader with market maker Hudson Capital Energy in Singapore.

“If the job growth can be sustained for several months, we'll definitely see crude demand pick up”.

Categories: Economy, Energy & Oil, International.

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Guava
Oil demand gain in Asian countries. Quite a nice information that you have provided.

Thanks
Apr 07th, 2010 - 09:03 am 0
Rhaurie-Craughwell
This will make Falklands oil even more profitable 85X 60,000,000,000=$510,000,000,000/4,000 islanders=127,500,000 per person!
haha they could pay for 10 garrisons on the small change!
Apr 07th, 2010 - 01:12 pm 0

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