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Brent oil prices trading at $86 in early week market surge
Published on April 6, 2010 by oilprices · 3 CommentsICE Brent oil prices reached an 18 month high on Tuesday and is currently trading around the $86 mark as hopes of a global economic recovery lift markets including oil prices and commodities.
ICE Brent crude oil futures is currently trading around $85.61 a barrel on Tuesday as prices surged higher on the first day of oil trading since the Easter holidays of 2010.
The latest oil futures rise came after closely watched US employment figures last Friday showed that US employers added 162,000 jobs in March, the largest job gain in three years. Further evidence of a rebound followed yesterday when the US Institute for Supply Management released figures showing the service sector was rising at its fastest pace for four years.
Oil prices rose more than 8 percent in the five sessions to Monday, their steepest 5-day winning streak this year. There was no trading on the NYMEX or ICE Futures Exchange on April 2nd because of Good Friday’s holiday.
“It simply rose so quickly in trade affected by the Easter holidays that I suspect we are just seeing some correction from the very strong run up in recent days,” said David Moore, Commodity Strategist at the Commonwealth Bank of Australia in Sydney.
Tags: brent, brent oil price, commodities, ICE, market, oil, prices, trading
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Year 2010 Crude Price 86 dollars = £1-22 per litre for petrol in 2010
Year 2008 Crude Price 150 dollars = £1-10 per litre for petrol.
Something is not right here. Either price of crude bares no relation to petrol prices or somebody is lifting the motoring publics leg. I strongly suspect the latter!
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To make forecasts on crude oil price is a tough exercise. It behaves like a complex system, a lot of variables compete to shape the final outcome and a small variation in one of them might induce a strong variation in the oil price. There is only one scientific approach to the problem: reduce our dependence on oil even if this means to review our lifestyle.
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Really nice information that you have provided. Oil prices high in New York after rising on signs that U.S. economic growth will accelerate, bolstering fuel use in the world’s biggest energy.