US crude surges $1.11 to 18-month high on economic data

01 April 2010 20:45  [Source: ICIS news]

HOUSTON (ICIS news)--NYMEX light sweet crude for May delivery settled at $84.87/bbl on Thursday, up $1.11 versus Wednesday’s close, lifted by speculative inflow in response to economic data showing an expanding economy and implied growth in energy demand.

The stock market rallied in response to better than expected jobs and manufacturing data but eventually slipped off the highs, and the US dollar experienced a volatile session versus the euro.

On the first day of the second calendar quarter, May crude topped out at an 18-month high of $85.22/bbl before retreating.

ICE Brent for May delivery also set new highs, rising to $84.33/bbl and settled at $84.01/bbl, up $1.31.

Crude oil futures on the NYMEX and ICE will be closed on Friday in New York and London because of a holiday.

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By: Ignacio Sotolongo
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