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Crude oil settles above US$62
Source: Agencies |
May 27, 2009, Wednesday
|
Online Edition
Online Edition
OIL prices settled above US$62 a barrel yesterday as a surprising increase in consumer confidence sent stock prices higher.
Benchmark crude for July delivery gained 78 cents to settle at US$62.45 on the New York Mercantile Exchange.
In London, Brent prices rose US$1.03 to settle at US$61.24 a barrel on the ICE Futures exchange.
The stock market, which was flat before the report was issued, jumped after the report came out. Both the Dow Jones Industrial Average and the Standard & Poor's 500 rose more than 2 percent. Oil has rallied from about US$35 a barrel as a strong move by stock prices has suggested that the economy - along with crude - will pick up in a few months from the longest recession since World War II.
"We're back to the S&P leading oil prices higher," said Addison Armstrong of Tradition Energy.
Prices fell below US$60 yesterday until a private research group - The Conference Board - reported that consumer confidence in May soared to the highest level since last September amid tentative signs that the economy was improving. Its Consumer Confidence Index, which had dramatically increased in April, zoomed past economists' expectations to a reading of 54.9 from a revised 40.8 in April.
Traders and analysts also will be watching OPEC meeting in Vienna on Thursday.
Saudi Arabia's oil minister has said the Organization of Petroleum Exporting Countries is unlikely to cut output at the meeting.
In comments published yesterday in the pan-Arab daily Al-Hayat, Ali al-Naimi also said he was concerned about global crude stockpiles, which are at high levels because of weak demand.
In other Nymex trading, gasoline for June delivery rose 1.16 cents to settle at US$1.8524 a gallon and heating oil added 0.73 cent to settle at US$1.5453 a gallon. Natural gas for June delivery rose 2.2 cents to settle at US$3.537 per 1,000 cubic feet.
Benchmark crude for July delivery gained 78 cents to settle at US$62.45 on the New York Mercantile Exchange.
In London, Brent prices rose US$1.03 to settle at US$61.24 a barrel on the ICE Futures exchange.
The stock market, which was flat before the report was issued, jumped after the report came out. Both the Dow Jones Industrial Average and the Standard & Poor's 500 rose more than 2 percent. Oil has rallied from about US$35 a barrel as a strong move by stock prices has suggested that the economy - along with crude - will pick up in a few months from the longest recession since World War II.
"We're back to the S&P leading oil prices higher," said Addison Armstrong of Tradition Energy.
Prices fell below US$60 yesterday until a private research group - The Conference Board - reported that consumer confidence in May soared to the highest level since last September amid tentative signs that the economy was improving. Its Consumer Confidence Index, which had dramatically increased in April, zoomed past economists' expectations to a reading of 54.9 from a revised 40.8 in April.
Traders and analysts also will be watching OPEC meeting in Vienna on Thursday.
Saudi Arabia's oil minister has said the Organization of Petroleum Exporting Countries is unlikely to cut output at the meeting.
In comments published yesterday in the pan-Arab daily Al-Hayat, Ali al-Naimi also said he was concerned about global crude stockpiles, which are at high levels because of weak demand.
In other Nymex trading, gasoline for June delivery rose 1.16 cents to settle at US$1.8524 a gallon and heating oil added 0.73 cent to settle at US$1.5453 a gallon. Natural gas for June delivery rose 2.2 cents to settle at US$3.537 per 1,000 cubic feet.
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