Oil News

Oil prices are up 8.5 percent this week after economic data indicated the worst of the global recession is over

Oil set to reach $60 a barrel as global recession comes to an end

Oil prices are up 8.5 percent this week after economic data indicated the worst of the global recession is over

Crude oil rose for a third day in New York, heading for the biggest weekly gain since March before a report forecast to show that the U.S. cut fewer jobs in April. Oil prices are up 8.5 percent this week after economic data indicated the worst of the global recession is over. “As increasing risk appetite pushes equity markets higher, sentiment in the oil market has become quite optimistic,” said Eliane Tanner, an analyst at Credit Suisse Group AG in Zurich. “The momentum could take us to $60, but we’re skeptical about the short-term fundamentals while U.S. demand remains so weak.” Crude Oil is trading at $57.80 as of 11:30am, London Time. Crude’s pool-position is 72% Long, meaning that most Finotec clients are buying the commodity.