Oil rises above $57 on economic hopes
Posted on May 8, 2009
SINGAPORE: Oil rose above $57 a barrel on Friday, heading for weekly gains of more than 7 percent assigns that the global economy may have reached bottom multiplied and brought hopes of recovering oil demand down the road. U.S. light crude for June delivery rose 44 cents to $57.15 a barrel by 0231 GMT, having settled up 37 cents at $56.71 a barrel on Thursday, the highest settlement since Nov.14. London Brent crude gained 69 cents to $57.16,having earlier shot up to $57.80. “People got optimistic (after the test results) because it wasn”t as bad as they thought it would be,” said Tony Nunan, risk manager at Mitsubishi Corp in Tokyo. “But we are not out of the woods yet. The economy has yet to recover and there could still be another dip in prices.”
Tags: barrel, Brent crude, global economy, light crude, London, Mitsubishi Corp, oil, optimistic, recovering, singapore, Tokyo, Tony Nunan, U.S.
