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.
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The Crude Oil prices rose significantly yesterday, which brought the quotations to their highest level in 17 months. Major role played this retreat of the dollar, which yesterday fell 0.7 percent against the euro. The decline in dollar gaining strength and now March 25 dollar index has lost 1.3 percent of its value. This triggers an increased interest in investing in raw materials and helps the price of oil. Yesterday in New York oil price with delivery in May rose 1.7 percent to 83.76 dollars a barrel. So quotations have reached their highest level since October 9, 2008 to date. In times of e-commerce and optimism was chilled with black gold retreated 0.4 percent to 83.43 dollars a barrel. This is mainly due to the surprise drop in U.S. jobs last month, and the unexpectedly high growth of oil stocks in the U.S. economy. Tomorrow the stock exchange in New York there will be no trading session, as the Christian world prepares to meet on Easter. Exchange in London yesterday of Brent oil rose 1.8 percent to 82.70 dollars a barrel.
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