Crude Oil Rises to Two-Year High as Consumer Confidence Climbs |
| Bloomberg - Dec 23, 2010 |
Crude oil rose to the highest level in more than two years as confidence among U.S. consumers advanced to a six-month high, signaling that fuel demand will increase in the biggest oil-consuming country.
Oil jumped as much as 0.9 percent after the Thomson Reuters/University of Michigan final index of consumer sentiment for December climbed to 74.5 from 71.6 in November. First-time filings for jobless benefits declined by 3,000 to 420,000 in the week ended Dec. 18, Labor Department figures showed.
“Today’s data supports the economy and is boosting the oil market,” said Peter Beutel, president of Cameron Hanover Inc., a trading-advisory company in New Canaan, Connecticut. “All week we’ve wanted to move higher, either because of the rising stock market or the improving economic outlook.”
Crude oil for February delivery advanced 62 cents, or 0.7 percent, to $91.10 a barrel at 11:26 a.m. on the New York Mercantile Exchange. Futures touched $91.32, the highest level since Oct. 7, 2008. Prices are up 15 percent this year. Floor trading will end at 1:30 p.m. today, an hour earlier than usual.
Read Full Article from Bloomberg
- Posted: 2010-12-23 11:09:29
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