Oil prices hit 7-month high, above $66
Oil prices hit a seven-month high above $66 a barrel with signs of recovery in US, Japanese and Indian economies and a fall in dollar value.
US light sweet crude for July delivery jumped to $66.47 per barrel, its highest prices as of November, 2008 and London Brent oil increased $1.23 to $66.31 on Friday.
Oil markets marked a 30 percent jump in prices this month -- the largest monthly climb since March 1999.
This is while the dollar experienced a five-month low against other currencies to support oil prices.
New data on Friday showed positive signals in the economies of the US, Japan and India, suggesting that the economic crisis may be easing.
Analysts says prices will continue rising amid optimistic economic figures. Oil consumption had fallen as a result of the global financial meltdown with crude prices now rebounding.
At the Vienna summit last week, the Organization of Petroleum Exporting Countries (OPEC) left production quotas unchanged.
US light sweet crude for July delivery jumped to $66.47 per barrel, its highest prices as of November, 2008 and London Brent oil increased $1.23 to $66.31 on Friday.
Oil markets marked a 30 percent jump in prices this month -- the largest monthly climb since March 1999.
This is while the dollar experienced a five-month low against other currencies to support oil prices.
New data on Friday showed positive signals in the economies of the US, Japan and India, suggesting that the economic crisis may be easing.
Analysts says prices will continue rising amid optimistic economic figures. Oil consumption had fallen as a result of the global financial meltdown with crude prices now rebounding.
At the Vienna summit last week, the Organization of Petroleum Exporting Countries (OPEC) left production quotas unchanged.
Labels: Oil
posted by Ahmad at
6:56 PM
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