Posts Tagged ‘stock markets’
Oil Prices nears US$70 in Asia
Written by Admin on June 5, 2009 – 10:48 pmOIL prices climbed above US$69 (S$99.60) a barrel on Friday in Asia as the first drop in US unemployment claims in five months provided another sign that weak demand for crude could improve.
Benchmark crude oil for July delivery was up 62 cents at US$69.43 a barrel midday in Bangkok in electronic trading on the New York Mercantile Exchange (NYMEX). On Thursday the contract shot up US$2.69 to settle at US$68.81 after trading as high as US$69.60.
Oil prices have rallied for three months in tandem with global stock markets, and they soared this week to their highest levels since November, though the rally was briefly interrupted Wednesday by a jump in US crude inventories.
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Tags: asia, crude oil, nymex, Oil Price, Oil Prices, stock markets
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