Oil Soars To Highest Price Of The Year

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Here’s something that ought to scare anyone preparing for an economic recovery:

Angela Henshall in London fo the WSJ: Nymex crude oil futures hit a fresh high for 2009 in London Friday, spurred by stronger global equities markets.

Olivier Jakob, analyst at Petromatrix, pointed to crude gleaning further support amid thin volumes from “better economic data from the euro zone pressuring the U.S. dollar, equities holding, strong spread into the WTI expiry and supportive technical charts.”

In midday trading in London, the front-month October Brent contract on London’s ICE futures exchange was up 92 cents at $74.25 a barrel.

The front-month October contract on the New York Mercantile Exchange was trading 96 cents higher at $73.87 a barrel after hitting the 2009 high of $74.05 a barrel earlier in the session.

Henshall adds that we’ve had a few mini-retreats in oil prices this year, but for the most part the price has been marching steadily upwards.The eroding dollar and the stronger market keep pushing the price upward, despite shallow demand and a healthy supply.

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