SHOOT: I'm not sure if the sentiment is justified. There is no 'real' recovery underway. But downward moving price shifts do seem to be stabilising. Now attention will start to shift to oil supplies and energy issues.
YAHOO: The global economy usually must grow at least 3 percent a year for prices to rise, said Michael Coleman, managing director of hedge fund Aisling Analytics in Singapore.
SHOOT: The global economy is far from usual. We're entering a periuod now when simply treading water will cause prices to rise, because resources have become critically depleted. Food, fuel, even water.
SINGAPORE (AP) -- Oil prices jumped to near $58 a barrel Thursday in Asia, extending gains to near six-month highs on investor expectations global economic growth may begin to rebound by the end of the year.
Benchmark crude for June delivery was up $1.31 cents to $57.68 a barrel by late afternoon in Singapore, in electronic trading on the New York Mercantile Exchange. The contract Wednesday rose 4.6 percent, or $2.50, to settle at $56.34, the highest level since mid-November.
Oil has broken above a trading range of about $45 to $55 a barrel that it's been in since dropping from a record $147 in July, boosted by investor perceptions that the worst of a severe U.S. recession may be over.
"If we do reignite the global economy, the pressures will come back," Blanch said. "If we print enough money, we will get people to buy. If you give money to the world, the world will spend it."
Some analysts fear the economy may not recover enough to warrant higher oil prices. |
with their fat fine they have just been slapped with, what next!
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