Go Finance Report - World oil prices back to record highs in the last two years with almost penetrate the high level USD91 per barrel in afternoon trade in Asia market.
As quoted by the Associated Press (AP), Thursday (23/12/2010), price of crude oil for February delivery rose eight cents to as low as 90.57 per barrel in electronic trading on the New York Mercantile Exchange (Nymex) from the previous position USD90, 48 per barrel.
This increase was also driven by the strengthening industrial average index Dow Jones and S & P 500 rose Wednesday to its highest level since July 2008 after the Commerce Department said that the U.S. economy rose in the second quarter from the previous forecast to 2.6 percent.
"Crude oil prices are very connected with oasar equity and confidence in the global recovery. When the stock rises, then the trust will be more likely to rise and consumption will also increase," said Sanders Capital Advisors report.
In addition, soaring oil prices above USD90 per barrel level is also supported by reports that U.S. crude oil supplies continued to decline to 5.3 million barrels in the week the U.S. Energy Department announced Wednesday. The decrease of supply can also describe an increase in demand due to economic recovery.
In other Nymex trading in the contract of January, heating oil rose 0.6 cents to $ 2, 53 per gallon, gasoline futures rose 0.1 cents to $ 2, 43 per gallon and natural gas fell 0.4 cents to $ 4, 11 per 1,000 feet cubic. Meanwhile, in London, Brent crude rose four cents to USD93, 69 per barrel on the ICE Futures exchange. (GoFinance)
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