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Light oil price back over $85 on latest positive US data

US Light oil futures rose above $85 as a jump in new US home sales signaled a stronger economic recovery in the United States and boosted the outlook for energy demand, raising oil prices near two percent at close of trading on Friday.

US Light crude oil futures for June 2010 delivery settled up $1.42, or 1.7 percent, at $85.12 a barrel on the NYMEX.

“The very positive new home sales report was good for crude,” said Robert Yawger, senior vice president, energy futures at MF Global in New York.

“We are going to see more demand coming in spring and summer and that is going to push prices higher,” said Peter McGuire, managing director of Commodity Warrants Australia in Sydney, adding that he expected oil to approach $90 in June.

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