Crude nears $75
Oil prices rallied to a 10-month high near $75 a barrel on Monday, part of a broad global rally in commodities and equities markets propelled by expectations for a recovery. US crude rose 39 cents to $74.28 a barrel after peaking at $74.81, the highest intraday price since October 21.Brent crude gained 6 cents to $74.25. The gains came as world equities markets pushed firmly into positive territory on rising hopes for an economic rebound. Commodities markets have tracked stock indexes closely in recent months as dealers view equities as a lead indicator of economic performance. Oil dealers said many investors were also using commodities as a hedge against the dollar, particularly oil as OPEC producers work to restrain supply.
Labels: Oil Prices August 2009