Oil refreshes multi-year high on Libya conflict, U.S. data

11:37, April 03, 2011      

Email | Print | Subscribe | Comments | Forum 

U.S. crude oil price on Friday surged and refreshed the highest close since September 2008 on Libya's conflict and U.S. positive economic data.

Light, sweet crude for May delivery added 1.22 dollars to settle at 107.94 dollars a barrel on the New York Mercantile Exchange, ending this week with a 2.4-percent rise.

The U.S. Labor Department said on Friday, the U.S. unemployment rate unexpectedly dropped to a two-year low of 8.8 percent in March. Nonfarm payrolls rose 216,000, more than the economists' expectation of 190,000. A separate report Friday showed U.S. manufacturing expanded at close to the fastest pace in seven years. These positive signs showed the world's largest oil consumer is picking up momentum for the economic recovery, boosting the crude markets.

Oil prices continued to get lifted by conflict in Libya and the Middle East unrest.

In Libya, battles between Muammar Gaddafi's forces and the rebels continued. Bahrain has started to arrest cyber activists and Shi'ites. Protests broke out in Syria after Friday prayers.

In London, Brent crude for May delivery last traded also sharply higher near 119 dollars a barrel.

Total U.S. crude trading volume remained well below the 30-day average, while Brent's volume was also 15 percent below its 30-day average.

Source: Xinhua

  Weekly review  


  • Do you have anything to say?


Special Coverage
  • Survey for 2011 NPC and CPPCC Sessions
  • Focus On China
Major headlines
Editor's Pick
  • Chinese top political advisor meets Myanmar official on bilateral ties
  • People attend memorial ceremony at martyrs's cemetery in Urumqi
  • Revelers enjoy massive pillow fight in New York
  • China, Zambia pledge to expand military ties
  • Chinese leaders join Beijingers for tree planting campaign
  • Fans light flares during match between Zamalek and Africain in Cairo
Hot Forum Dicussion