Oil Prices Rise Dramatically

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Oil Prices Rise Dramatically

Wednesday, 21 April 2010 09:15

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Oil Prices Rise Dramatically
Harga Minyak Naik Dramatis ( bahasa )
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New York - Oil prices rose dramatically in New York trading on Tuesday, amid optimism about economic conditions and prospects for the resumption of transatlantic air travel.
New York's main contract, light sweet crude for delivery in May, up two dollars a barrel to 83.45 dollars, erasing losses on Monday.

Brent North Sea crude oil, London, for June delivery rose 57 cents to 84.80 dollars per barrel.

"(There is a spike) in the general optimism in commodities," said Ellis Eckland, an independent analyst.

Oil prices had tumbled on Monday, closed down nearly two dollars, amid concerns over allegations of fraud against the icons of Wall Street Goldman Sachs and closing European airports because of volcanic ash from the volcano of Iceland.

Pessimism seemed shelled on Tuesday.

"The Return of jet fuel demand helped push the price increase while," said John Kilduff of the Round Earth Capital, pointing to the resumption of transatlantic air travel.

But the star performance with a gain of Goldman Sachs most curb emerging market concerns.

"Action on sales that occurred in the market because of Goldman indictment quite excessive," said Clarence Chu, a trader of oil the Hudson Capital Energy.

Chu says the stock market rebound in oil prices along with them interesting.

However, prices could see a drop this week for a guarantee of supply and demand slow hit the market, he told AFP.

"Crude oil prices climbed higher (Tuesday) because the energy market appears to have been digesting the concerns of Goldman Sachs," Sucden analyst with Financial Research, Myrto Sokou says. | Antaranews.com | tenderoffer.biz |

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