Oil prices ended the week at US$77 a barrel on bearish economic data

02-Nov-09

Oil prices ended the previous week at US$77 a barrel on the Nymex on bearish economic data that upset confidence about a potential recovery in energy demand. In London, Brent crude settled at US$75.20 a barrel. Weaker consumer sentiments in USA for the month of October and a 0.5% dip in consumer spending in September served as a reminder that the economy is still struggling despite the previous days optimism about Q3-growth in USA. Higher equities and a weaker dollar have pushed crude prices up 9% in October as investors looked to wider economic data for signs of economic recovery and a potential rise in energy demand.