Crude oil rose for a fifth day on speculation demand will increase as the world economy recovers from recession. Oil traded above $85 a barrel as a Conference Board report tomorrow in the U.S., the world’s largest energy user, will probably show consumer confidence climbed to a three month high. Asian stock markets rose by the most in five weeks on expectations of higher earnings at Toyota Motor Corp. in Japan.
“People are becoming more bullish on oil demand growth,” said Serene Lim, an energy commodity strategist at Australia & New Zealand Banking Group Ltd. in Singapore. “The more positive world economic data, especially in the U.S. data, is bringing about more optimism.” Crude oil for June delivery rose as much as 44 cents, or 0.5 percent, to $85.56 a barrel in after hours electronic trading on the New York Mercantile Exchange. It was at $85.36 at 1:39 p.m. in Singapore.
The MSCI Asia Pacific Index rose 1.5 percent to 127.24 as of 12:40 p.m. in Tokyo, with more than seven times as many stocks advancing as declining. Oil climbed 1.7 percent to $85.12 on April 23, the highest settlement since April 15, after government reports showed that U.S. sales of new homes surged in March and orders for non transport durable goods climbed. Commodities had rallied as the dollar fell against the euro for the first time in seven days.
A Commerce Department report on April 23 showed that sales of new U.S. homes increased 27 percent in March, the most in 47 years. Bookings for goods meant to last at least three years, excluding cars and aircraft, climbed 2.8 percent.....Read the entire article.
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