Crude oil prices trading over $86 at 18 month highs

Crude oil prices opened trading on Tuesday well over the $86 mark and prices are currently at 18 month highs. NYMEX US Light crude oil futures for May delivery is around $86.42 a barrel, while ICE Brent crude oil futures is trading around $86.00 a barrel.

“Oil prices have softened a little bit but it’s still at extremely high levels,” said David Moore, a commodity strategist with the Commonwealth Bank of Australia in Sydney.

“We’ve seen some encouraging economic data the last few days,” said Toby Hassall, a research analyst at CWA Global Markets Pty in Sydney. “It’s keeping the global recovery story in place. Rising oil prices are reflecting the expectation of improving oil demand.”

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