Crude prices jump on U.S. dollar, consumer spending

08:28, March 30, 2010      

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Crude prices jumped on Monday as the euro rose against the U.S. dollar while positive economic indicators boosted sentiment.

The euro rose against the U.S. dollar from a 10-month low as investors got upbeat about Greece's ability to handle its debt problems. That made crude cheaper for investors with other currencies.

The U.S. Commerce Department said consumer spending rose for the fifth consecutive month in February. That raised hopes that oil and gasoline demand would pick up.

Oil prices also rose on the news of suicide terror attacks in Moscow subway, as Russia is one of the major oil producers. At least 38 people died and more than 60 others were injured after two female suicide bombers blew themselves up in Moscow subway stations.

Light, sweet crude for May delivery jumped 2.17 dollars to settle at 82.39 dollars a barrel on the New York Mercantile Exchange.

In London, Brent crude added 1.88 dollars to 81.17 dollars on the ICE futures exchange.

Source:Xinhua
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