Futures rose 5.5 percent, the most in more than two months, after a report today showed German exports surged to a record in March and the U.S. Labor Department said last week that payrolls expanded. Prices also advanced on concern that a rising Mississippi River will flood Louisiana refineries.
“Some of the economic news has been stronger than expected, reducing worries about demand,” said Rick Mueller, a principal with ESAI Energy LLC in Wakefield, Massachusetts. “The Mississippi floods are increasing concern about disruptions, especially of the products.”
Crude oil for June delivery rose $5.37 to settle at $102.55 on the New York Mercantile Exchange, the biggest one- day gain since Feb. 22. Futures dropped 15 percent in the five days ended May 6, the largest weekly decline since December 2008. Prices are up 37 percent from a year ago.
North Sea Brent crude for June settlement increased $6.77, or 6.2 percent, to $115.90 a barrel on the London-based ICE Futures Europe exchange.
--Jack Z. Smith
Oil consumption has fallen 12% in the US over the past 3 years, and as to the dollar it is poised to soar back up in the 80s on the DX / DXY as the whole commodities pumping scam comes crashing down.http://bit.ly/kZyAOY
Posted by: benharper | May 10, 2011 at 01:52 AM