Crude oil prices dash towards US$86 in Asia

Oil prices have risen, racing towards US$86 in Asian trade, as demand gets optimistic amid signs of a global economic upswing. New York's light sweet crude for delivery in May rose to US$85.7 while Brent North Sea crude for May rose to US$84.73. The optimism was triggered by upbeat economic data, including US jobs report, which showed the biggest growth in three years, a report showing the US manufacturing sector grew at a faster pace than expected and a government report that said Chinese manufacturing picked up in March. Manufacturing in the eurozone also defied forecasts in March, with a key index hitting a 40-month high. Oil spiked to an 18-month high to US$84.4 in New York on Thursday, with talk of fresh investor inflows at the start of the new quarter. The move higher came despite a stronger dollar, which often dampens enthusiasm for commodities, and after news of yet another build in US crude oil inventories. Continued signals of strength in the manufacturing industry helped extend a recent rally. Oil prices have risen about 23% from early February as the industrial sector leads a gradual recovery in the US economy.
  More News  Post Your Comment
{{comment.Name}} made a post.




There are no comments to display. Be the first one to comment!


Name Required.


Email Id Required.

Email Id Not Valid.


Mobile Required.

Email ID and Mobile Number are kept private and will not be shown publicly.

Message Required.

Click to Change image  Refresh Captcha