25 Apr 2010, 0150 hrs IST,REUTERS
NEW YORK: Oil rose above $85 a barrel on Friday as a sharp jump in new home sales signalled a stronger economic recovery in the United States and boosted the outlook for energy demand.
US crude for June delivery settled up $1.42, or 1.7%, at $85.12 a barrel. An 18-month high above $87 was last reached on April 6.
But US crude was trading more than $2 below ICE Brent for June, the benchmark for most of Europe, Africa and Asia, which rose $1.58, or $1.84 %, to $87.25 a barrel.
“The very positive new home sales report was good for crude,” said Robert Yawger, senior vice president, energy futures at MF Global in New York. “The Brent premium to WTI is being supported by the high inventories at Cushing and Asian demand,” he added.
Source: http://economictimes.indiatimes.com/features/the-sunday-et/world-update/Oil-rises-above-85-on-strong-US-economic-data/articleshow/5854529.cms
NEW YORK: Oil rose above $85 a barrel on Friday as a sharp jump in new home sales signalled a stronger economic recovery in the United States and boosted the outlook for energy demand.
US crude for June delivery settled up $1.42, or 1.7%, at $85.12 a barrel. An 18-month high above $87 was last reached on April 6.
But US crude was trading more than $2 below ICE Brent for June, the benchmark for most of Europe, Africa and Asia, which rose $1.58, or $1.84 %, to $87.25 a barrel.
“The very positive new home sales report was good for crude,” said Robert Yawger, senior vice president, energy futures at MF Global in New York. “The Brent premium to WTI is being supported by the high inventories at Cushing and Asian demand,” he added.
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