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Brent oil price trading up on latest positive US GDP data
Published on February 26, 2010 by oilprices · No CommentsBrent oil prices are trading higher on the latest data that suggest the US economy grew at a 5.9 percent annual rate (GDP) in the fourth quarter of 2009, signaling that oil demand may climb in 2010.
Brent crude oil futures for April settlement rose 58 cents, or around one percent in trading to $76.89 a barrel on the London based ICE Futures Europe exchange.
“Oil has recovered because of the first signs of economic growth,” said Christopher Bellew, senior broker at Bache Commodities Ltd. in London. “Stocks in floating storage have been diminishing.”
“The positive GDP number is putting upward pressure on prices,” said Peter Beutel, president of trading adviser Cameron Hanover Inc. in New Canaan, Connecticut. “We are going to be focused on anything that gives an indication of where the US economy is going.”
“The GDP number was positive and the crude market was getting a little oversold yesterday. Even with the terrible economic news earlier in the week, consumer confidence, housing stuff, equities have been quite resilient,” said senior market strategist Richard Ilczyszyn at Lind-Waldock.
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