Oil prices end the week on a highr note amid volatile trading

03-Sep-12
Oil prices spiked above US$113 a barrel in volatile trade on Friday. Prices were boosted by stronger than expected U.S. economic data but were controlled as a speech by US Federal Reserve chairman did not signal a much anticipated imminent monetary stimulus. Oil on the Nymex rose by over a dollar to US$95.72, having earlier risen to the 200-day moving average at $96.68, a key technical level watched by traders. Numbers from USA are encouraging as U.S. factory orders rose by 2.8% – the biggest rise in 12 months.
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