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OIL PRICES RISE: Highest spike of this year so far
BUSINESS — By MainStreetMantra Desk on August 21, 2009 at 1:30 pm
OIL PRICES SPIKE
Oil prices hit their highest level this year on Friday as traders looked past a mixed batch of U.S. economic data to focus on a strong rise in China’s bellwether stock index.
Benchmark crude for October delivery was up $1.29 to $74.20 a barrel by afternoon European electronic trading on the New York Mercantile Exchange. Earlier in the day it hit $74.48, the highest level so far this year.
The price of oil has hit its highest level of the year, boosted by sharp rises in Chinese stocks and rising shares on Wall Street. The oil price hit $147 a barrel last July and fell below $74 last October, a level it has not breached since.
Worldwide oil prices have been extremely volatile this year. Prices have been affected as much by sentiment as by fundamentals of demand and supply. Ben Bernanke, the chairman of the Federal Reserve, said that prospects for a return to growth in the near term appeared good in the US and abroad.
US shares traded higher – with the Dow Jones index rising more than 1% – after his speech and on better-than-expected figures for sales of existing homes. Sales rose by 7.2% in July to an annual rate of 5.24 million homes.
“The significant rise in the oil price in the first half of the year is due in large part to a recovery in investment by financial investors,” said Eugen Weinberg at Commerzbank.
Tags: america, China, crude, gasoline, highest, hit, mixed, oil, petrol, prices, US, year
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5 Comments
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