Oil hit a fresh 18-month peak this week on mounting optimism about a US-led global economic recovery, while safe-haven gold sparkled amid heightened concerns about the Greek debt crisis.
"Oil prices are consolidating in their new trading range, having risen to their highest level in a year and a half,'' said Barclays Capital analysts in a research note.
Global financial markets were rattled once again by stubborn worries that Greece will not be able to resolve its debt and public deficit problems without outside help.
The mood calmed somewhat after European Central Bank head Jean-Claude Trichet insisted Athens was not near default on its debt _ but the issue shows no sign of being settled.
Crude oil briefly punched above 87 dollars on Tuesday, as the market found support from a recent batch of encouraging economic news in the United States, which is the world's largest energy consumer.
New York's main contract, light sweet crude for delivery in May, jumped to 87.09 dollars _ the highest level since October 9, 2008.
"People are getting more optimistic'' about the demand prospects for the US, said Ellis Eckland, an independent analyst.
"It looks like the shopping activity is picking up, even the job market is picking up a little bit _ that's very bullish for oil.''
Stronger-than-expected housing and service-sector data followed improving employment figures on Friday, pushing up expectations of higher energy demand. - PNA
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