Oil Prices Hit New 2009 High
Tuesday June 2, 2009
Current oil prices have been driven up on strong data for demand in the coming months, and investors have been flocking to the commodity as a new 2009 high was recorded in New York at US$68.60 per barrel of crude oil. The price signaled a sharp rise of over three percent and continues the trend of consecutive increases in oil prices over recent trading.
The oil price hike is attributed to positive reports across the broader stock markets, manufacturing increases and further indications of growth in China. The changes mark a contrast in trends from as little as five months ago that were showing the opposite.
The rise in oil price has further increased consumer confidence in the stock market on the US, and speculators are edging ever closer to the fact that the economic storm may have reached its turning point. However, some contributors make the important point that important fundamental indicators have not improved significantly and there may be further revelations that will once again upset development and set stock markets back.
Oil prices have doubled since last December, but are still a long way from the highs of last July of US$145 per barrel.