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Oil price hits new high for 2009

Posted By admin On October 19, 2009 @ 8:59 am In Money Watch | Comments Disabled

BBC News [1]
Monday, October 19, 2009

The price of oil has reached a new high for 2009, continuing its recent rise on the back of the weak US dollar and strong US company results.

US crude rose 52 cents to $79.05 a barrel in early trading, before slipping back to $78.78, up 25 cents on Friday’s close.

London Brent also traded higher, up 22 cents at $77.11 a barrel.

Oil prices surged last week, as encouraging US bank results fuelled optimism for the global economy.

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Oil price hits new high for 2009 260909banner [2]

‘Massive surplus’

Analysts said the short-term direction of the oil price would depend on the dollar and the next round of corporate results out this week.

“Oil prices are now trading at very high levels considering the fact that we’re still seeing very high stockpiles in the US,” said David Moore, a commodities analyst at the Commonwealth Bank of Australia.

“Crude may trade sideways today, getting direction from the US dollar and the equities market.”

Full story here. [1]


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URLs in this post:

[1] BBC News: http://news.bbc.co.uk/1/hi/business/8313919.stm

[2] Image: http://prisonplanet.tv/signup.html

[3] Oil price hits record high: http://www.prisonplanet.com/oil-price-hits-record-high.html

[4] Year-end leap in oil price could bode well for gold in 2009: http://www.prisonplanet.com/year-end-leap-in-oil-price-could-bode-well-for-gold-in-2009.html

[5] Gold Cuts 2009 Gains to 30% as Deflation Hits Europe, China Hits New Year “Gold Rush”: http://www.prisonplanet.com/gold-cuts-2009-gains-to-30-as-deflation-hits-europe-china-hits-new-year-gold-rush.html

[6] ‘Oil price may hit $500 a barrel’: http://www.prisonplanet.com/oil-price-may-hit-500-a-barrel.html

[7] Oil price falls after US warns Iran over threat to close Gulf supply route: http://www.prisonplanet.com/oil-price-falls-after-us-warns-iran-over-threat-to-close-gulf-supply-route.html

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