Oil hits 18-month high on economic outlook


Reuters
April 5, 2010

  • A d v e r t i s e m e n t
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U.S. crude futures hit an 18-month high on Monday, climbing toward $86 per barrel on expectations of faster-than-expected economic recovery and increasing demand for fuel.

Data on Friday showed U.S. employers created jobs in March at the fastest rate in three years. Non-farm payrolls rose 162,000, only the third increase since the U.S. economy fell into recession in late 2007 and the largest since March 2007.

U.S. manufacturing is also expanding at its fastest pace for more than five years, while Chinese manufacturing is picking up and Japanese business sentiment is also improving.

U.S. crude oil for May delivery rose $1.02 per barrel to a high of $85.89 in early Asian trade before slipping back to around $85.37, up 50 cents, by 1130 GMT (7:30 a.m. ET). The market was closed for a three-day weekend including the Good Friday holiday.

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