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Commodity Daily News
Oil Gains Due to Optimistic U.S. GDP
Friday, 30 Oct 2009
Crude prices rallied more than 4% Thursday, briefly lifting the price of a barrel above $80, as confirmation the U.S. economy returned to growth boosted optimism over energy demand. Crude Oil rose by $2.91, or 4%, to $79.97 a barrel, after rising as high as $80.43. It last traded above $80 a barrel on October 23.
Oil rose sharply due to optimistic U.S. GDP data, which in turn raised hopes that economic conditions will improve and raise demand for petroleum products. The U.S. economy data was higher than expected, leading to a rebound in the commodities market. The focus now is on potential economic growth, which may support the Crude prices further.
