Oil Prices Spike Above $70

Oil was steady around $69 a barrel Friday after approaching $70 the day before, when the first drop in U.S. weekly unemployment claims in five months provided another sign that demand for crude could improve. Investors looked to the crucial U.S. payrolls data for May, due later Friday, for more direction. Benchmark crude for July delivery slipped 4 cents to $68.77 a barrel by midday in European electronic trading on the New York Mercantile Exchange. On Thursday the contract shot up $2.69 to settle at $68.81 after trading as high as $69.60. Crude's stellar rise it now fetches roughly twice what it did only four months ago in dollar terms is leading analysts to revise forecasts even further upward, with many now saying they expect a barrel to cost $80 or more by year's end.....Complete Story