The crude oil prices rose sharply yesterday and the stock ended trading at its highest level in 17 months from 86.62 dollars a barrel. Quotations remain near those levels, and during today’s e-commerce in Asia. The economic optimism of investors caused by the increase in employment in the U.S. and activity in the services sector in March, lifted oil prices to the highest level since October 2008 so far yesterday on the New York Petroleum Exchange. Rising prices reflect the expectations of market participants that demand for energy raw materials will increase the recovery of U.S. economy. U.S. light crude for delivery in May rose 1.75 dollars to finish yesterday’s session at a level of 86.62 dollars a barrel. During today’s e-commerce in Asia oil futures slightly cheaper by 16 cents to 86.46 dollars a barrel. Since early this year their price has risen by 9 per cent. Tomorrow the weekly report by the Ministry of Energy of the United States will show whether crude oil reserves of the country have increased for the tenth consecutive week. Meanwhile, Brent crude oil traded for 85.60 dollars a barrel in today’s electronic trading on the London oil market by reducing its price by 28 cents compared to yesterday’s closing level.
Continue Reading