Crude oil prices spike past US$79 for the first time in the year

Crude oil have spiked past US$79 a barrel for the first time in the year as demand is anticipated to perk up as the global economy recovers from recession. A steady stream of new economic data coming from USA is starting to show signs of recovery. Oil climbed as high as $79.05 before a report that may show confidence among home builders in USA, is at its highest in 17 months. Earlier, the New York contract spiked to US$78.53 a barrel on Oct. 16 after a report showed US industrial production climbed more than economists expected last month. Despite a rise in US fuel stockpiles, oil prices have climbed by over 20% in the past 3 months- triggered by a recovery in equity markets that has emboldened investors amid a weakening US dollar that has prompted investors to buy commodities.
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