Friday, July 9, 2010
Crude Oil Rises as Stocks Climb on Optimism Over Global Economic Recovery
“We’re going to be looking at the equities and the dollar for direction here,” said Gene McGillian, an analyst and broker at Tradition Energy in Stamford, Connecticut. Crude oil for August delivery rose 81 cents, or 1.1 percent, to $76.25 a barrel at 10:46 a.m. on the New York Mercantile Exchange. Futures touched $76.36, the highest intraday price since June 30. Oil is set for a 5.7 percent increase this week, the most since the week ended April 2.
Brent crude for August settlement climbed 89 cents, or 1.2 percent, to $75.60 a barrel on the London based ICE Futures Europe exchange. Oil may rise next week after the IMF upgraded its global economic outlook and as U.S. supplies dropped to a two month low, a Bloomberg News survey showed. Twenty of 38 analysts and traders, or 53 percent, forecast crude will increase through July 16. Ten respondents, or 26 percent, predicted futures will be little changed and eight saw a decrease.
Reporter Mark Shenk can be contacted at firstname.lastname@example.org.
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