Crude oil traded near a five week high on speculation energy demand will increase as the global economy recovers from its worst recession since World War II. Global consumption may increase by as much as 1.4 million barrels a day in the second half, Iran’s OPEC governor Mohammad Ali Khatibi said in an interview on the Shana Web site yesterday. Prices pared early gains as the dollar traded little changed after posting its sixth straight weekly increase against the euro, the longest streak since 2000.
“That growth story suggests that oil prices will continue to firm as the global economy recovers,” said Toby Hassall, research analyst with CWA Global Markets Pty in Sydney. “But that firming dollar, if it does continue, that will keep prices fairly well in check.” Crude oil for March delivery rose as much as 30 cents, or 0.4 percent, to $80.11 a barrel in after hours electronic trading on the New York Mercantile Exchange. It was at $80.06 at 7:55 a.m. in Singapore.
The contract, which expires today, rose 0.9 percent to $79.81 on Feb. 19, the highest settlement since Jan. 12. The more actively traded April contract rose 31 cents to $80.37 today. Oil prices climbed 7.7 percent last week, the biggest gain since October, as U.S. refiners lifted operating rates for a second week and the Federal Reserve increased its discount rate for the first time in three years amid signs of recovery in the nation’s economy.....Read the entire article.
Secrets of the 52 Week High Rule
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