Crude oil surged to a 17- month high and gasoline rose on signs that global economic growth is accelerating, bolstering optimism that fuel consumption will increase this year. Oil advanced as much as 1.6 percent after reports showed U.S., Chinese and European manufacturing expanded, while pessimism decreased among Japan’s largest industrial companies. Government data tomorrow may show that U.S. employers added about 180,000 jobs in March, a Bloomberg News survey showed.
“The economic news recently has generally been good, which has changed the perception of the oil market,” said Sarah Emerson, managing director of Energy Security Analysis Inc. in Wakefield, Massachusetts. “An economic recovery is always good for demand.”
Crude oil for May delivery rose 88 cents, or 1.1 percent, to $84.64 a barrel at 11:16 a.m. on the New York Mercantile Exchange. Futures touched $85.10, the highest level since Oct. 10, 2008. Prices climbed 5.5 percent last quarter and are 75 percent higher than a year ago.
Gasoline for May delivery increased 1.56 cents, or 0.7 percent, to $2.3228 a gallon in New York. The contract reached $2.3329, the highest level since Oct. 2, 2008. There will be no Nymex futures trading tomorrow because of the Good Friday holiday.....Read the entire article.
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