Oil Prices on the Rise

Oil prices for May delivery jumped to $86.23 a barrel in electronic trading on the New York Mercantile Exchange this morning, as an increase in demand for energy, and signs of a rebounding US economy, had investors jumping back in after a couple of days on the sidelines,

“The oil market is behaving the same way as we have seen during the past several weeks: ‘one step back, two steps forward,'” said a report from Commerzbank in Frankfurt. “Supported by benign equity markets, sustained bullish sentiment and a slightly weaker U.S. dollar, the oil price recouped the losses of the previous two days.”

Source: Associated Press

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