Oil surges to 10-month high

Aaron Smith
CNN Money
Friday, August 21, 2009

NEW YORK (CNNMoney.com) — Oil prices soared on Friday to their highest level since October as investors grow hopeful that a recovery of the world economy is in sight.

On Friday, the price of oil for October delivery rose as high as $74.15, after settling the day before at $72.42. The price of oil hasn’t traded that high since Oct. 20, 2008, when it reached an intra-day peak of $76.12.

(ARTICLE CONTINUES BELOW)

All told, oil has surged by two-thirds this year after closing out 2008 at $44.60 per barrel. If the crude prices end the day above the June 11 close of $72.68 a barrel, that would put them at the highest level since Oct. 20, 2008, when prices settled at $74.25 a barrel.

Manouchehr Takin, petroleum analyst at the Center for Global Energy Studies in London, said the increases in oil prices don’t make sense when you look at them purely at face value.

Comment Rules

Comments are closed.