Commodities: Oil surges to 2009 high
Oil prices rose to an intra-day high of $74.72 a barrel as investors cheered upbeat comments from US Federal Reserve chairman Ben Bernanke about the global economic recovery.Crude for October delivery added 98 cents to settle the day at $73.89 a barrel on the New York Mercantile Exchange. Crude for October has risen over 6% since the start of the week.
On Friday Bernanke’s comments that the US economy is on the verge of recovery sent US equities higher and drove demand for oil.
Better than expected US housing data also boosted overall sentiment. The weaker dollar also underpinned demand for the black stuff.
However many analysts have been left scratching their heads as to why oil prices have risen so high amid weak demand and inventories are full.
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