Crude oil creeps toward US$86 a barrel
By Christopher Johnson |
April 6, 2010, Tuesday
|
Print Edition
Print Edition
United States crude futures hit an 18-month high yesterday, climbing toward US$86 per barrel on expectations of faster-than-expected economic recovery and increasing demand for fuel.
Data on Friday showed US employers created jobs in March at the fastest rate in three years. Non-farm payrolls rose 162,000, only the third increase since the US economy fell into recession in late 2007 and the largest since March 2007.
US manufacturing is also expanding at its fastest pace for more than five years, while Chinese manufacturing is picking up and Japanese business sentiment is also improving.
US crude oil for May delivery rose US$1.02 per barrel to a high of US$85.89 in early Asian trade. The market was closed for a three-day weekend, including the Good Friday holiday.
US crude has risen almost 2 percent in the first five days of the quarter, versus a rise of 5.5 percent through the whole of the first quarter of the year.
The strong payrolls, positive output data and signs of rising fuel demand are all likely to support oil prices and cement crude in a new, higher range, analysts say.
Technical analysts have become more bullish and suggest the oil market could rise in the next few weeks.
Data on Friday showed US employers created jobs in March at the fastest rate in three years. Non-farm payrolls rose 162,000, only the third increase since the US economy fell into recession in late 2007 and the largest since March 2007.
US manufacturing is also expanding at its fastest pace for more than five years, while Chinese manufacturing is picking up and Japanese business sentiment is also improving.
US crude oil for May delivery rose US$1.02 per barrel to a high of US$85.89 in early Asian trade. The market was closed for a three-day weekend, including the Good Friday holiday.
US crude has risen almost 2 percent in the first five days of the quarter, versus a rise of 5.5 percent through the whole of the first quarter of the year.
The strong payrolls, positive output data and signs of rising fuel demand are all likely to support oil prices and cement crude in a new, higher range, analysts say.
Technical analysts have become more bullish and suggest the oil market could rise in the next few weeks.
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