Oil prices spiked to their highest level since May to end at US$96, on signs U.S. consumers are gaining confidence in the economy. Numbers from the US show positive economic data, drop in U.S. oil supplies, strong retail sales and housing data.
News that Obama administration is mulling release of oil from the Strategic Petroleum Reserve in a bid to curb rising cost of crude has apparently made an impact on Brent crude. Brent fell by over one and a half dollars to settle at US$113.7
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