Speculated demand growth, a recovery in the Euro, push up oil prices

27-Apr-10

Oil on the Nymex for June delivery rose to US$85.4, while Brent crude for June settlement rose to US$87.6, trading near an 18-month high in London, as economic reports pointed to faster global growth. Crude oil have mounted on rising speculation of an economic recovery that is anticipated to stimulate demand for oil amid a recovery in the Euro, as it trims losses against the dollar. The dollar traded at US$1.3344 against the euro, up from US$1.3384 on April 23, after rising as high as US$1.3292. The market continues to be under the influence of macroeconomic factors like economic optimism, the dollar and high liquidity.