Crude prices rise above 86 U.S. dollars

13:26, May 01, 2010      

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Crude prices climbed above 86 U. S. dollars on Friday as U.S. consumer spending recovers.

The U.S. Commerce Department said on Friday that the nation's economy grew by 3.2 percent from January to March.

Consumer spending, which normally accounts for about 70 percent of U.S. economic activity, added nearly 2.6 percentage points to the GDP growth, showed the best improvement in three years.

An expanding oil slick from a leaking U.S. Gulf of Mexico oil well is beginning to affect oil prices. U.S. crude oil imports may slow as oil tanker traffic is delayed in the U.S. Gulf of Mexico, said analysts.

Light, sweet crude futures rose 98 cents to 86.15 dollars per barrel on the New York Mercantile Exchange.

In London, Brent crude rose 54 cents to settle at 87.44 dollars per barrel on the ICE futures exchange.

Source: Xinhua


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