The crude oil prices have been remaining in the 65 dollars to 72 dollars band in the last four months, but the continuing flow of positive data in the last few weeks has helped push the prices to a new year high of 80 dollars.
The Chinese GDP growth was reported at a healthy 8.9% for the September 2009 quarter, while South Korea reported a seven and a half year high GDP growth of 2.9% during the same quarter.
Also many US biggies including IBM, Intel, Microsoft, Google, JP Morgan, Goldman Sachs etc., reported spectacular results for the September 2009 quarter. All these developments have helped the crude oil prices to surge by nearly 20% in the last few weeks, and were seen trading nearly at 83 dollars few days back.
In the last two days, the prices have come back to around the 80 dollars mark due to speculative unwinding.
Seasoned analysts of this vital commodity, are expecting the crude oil prices to remain in the 70 dollars to 90 dollars band in the next few months, provided there are no major negative news from US or Europe or Japan.
Crude oil back to 80 dollars after a year
October - 26 - 2009 - Monday
