Crude oil rose more than $5 a barrel today, topping $102 in New York, as it rebounded from the biggest weekly decline since 2008, Bloomberg News reported. Oil climbed on signals that the global economic recovery remains intact.
Futures rose 5.5 percent, the most in more than two months, after a report today showed German exports surged to a record in March and the U.S. Labor Department said last week that payrolls expanded. Prices also advanced on concern that a rising Mississippi River will flood Louisiana refineries.
“Some of the economic news has been stronger than expected, reducing worries about demand,” said Rick Mueller, a principal with ESAI Energy LLC in Wakefield, Massachusetts. “The Mississippi floods are increasing concern about disruptions, especially of the products.”
Crude oil for June delivery rose $5.37 to settle at $102.55 on the New York Mercantile Exchange, the biggest one- day gain since Feb. 22. Futures dropped 15 percent in the five days ended May 6, the largest weekly decline since December 2008. Prices are up 37 percent from a year ago.
North Sea Brent crude for June settlement increased $6.77, or 6.2 percent, to $115.90 a barrel on the London-based ICE Futures Europe exchange.
Source.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment