Crude oil prices reach one-year high
From Wikinews, the free news source you can write!
Saturday, October 17, 2009
- Obama declares tougher emission targets before Copenhagen summit
- Vietnam denies blocking social networking site Facebook
- UK family wins asbestos payout in death of railway worker
- Mobile operator Orange bills French doctor €160,000 for one month of Internet use
- Illinois tollway worker jailed for stealing fines
Prices for crude oil reached a one-year high on Friday, as increasing industrial production in the United States raised hopes that the economic recession might be easing.
US Crude oil futures gained for the seventh straight day, and has increased by 12.9% since October 7, and is now just above US$78 a barrel. The move came after a report released by the US Federal Reserve indicated a 0.7% rise in factory output.
Brent crude oil was also up, gaining 76 cents to reach $76.99.
Paul Crovo, an oil analyst based in Philadelphia, Pennsylvania for PNC Capital Advisors, said that there were increasing hopes that the economy would rebound. “There continues to be optimism about an economic rebound. Prices have been rising on speculation that this will lead to a tightening of the supply-demand balance going forward,” he said.
Sources
- Mark Shenk "Oil Rises to One-Year High as Industrial Production Increases". Bloomberg, October 16, 2009
- Associated Press "Oil prices rise to 12-month high above $78". Yahoo! News, October 16, 2009
 Share this: |
 |
This page is archived, and is no longer publicly editable.
Got a correction? Add the template {{editprotected}} to the talk page along with your corrections, and it will be brought to the attention of the administrators. Please note that due to our archival policy, we will not alter or update the content of articles that are archived, but will only accept requests to make grammatical and formatting corrections. Note that some listed sources or external links may no longer be available online due to age. |
