Oil prices rise as global stock markets recover

07-Mar-07

Turbulence in global financial markets, coupled with deflating gasoline futures, had weighed on crude oil prices over the past two sessions, due to some concern of a slowdown in global growth. As global stock markets recovered after weeklong declines and strategists pointed out that gasoline stocks continue to slip as demand keeps rising, oil prices rose. Light, sweet crude for April delivery rose to US$60.69 a barrel on the New York Mercantile Exchange. The contract fell 2.5% on Monday to settle at US$60.07 a barrel, the lowest for a front-month contract since Feb. 21.