Oil at two week highs on speculation of accelerated 2011 economic growth in USA

22-Dec-10
Crude for February delivery rose to US$89.49 in electronic trading on the Nymex. Oil futures reached $90.76 on Dec. 7, the highest since October 2008. Oil prices traded near its highest level in two weeks on speculation that economic growth in USA will accelerate next year, bolstering demand there. Data to be released is estimated to show US gross domestic product expanded at a faster pace than economists' estimates. U.S. GDP grew 2.8% in Q3-10, up from an estimate of 2.5%.
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