Oil Prices Reach A 17-Month High
Commodities traders at sites such as Spread Co saw Oil Prices Reach A 17-Month High today following encouraging reports from the Eurozone and China which both displayed exceptionally strong purchasing managers’ indexes (PMI’s). These economic reports encouraged the markets to drive the price of oil to new highs. These oil prices were made all the more impressive by the fact that there were very thin trading volumes ahead of the Easter holidays.
The price of crude oil climbed to new highs in the US. commodities traders at Spread Co saw New York’s main contract, light sweet crude for delivery in May, climb in price by 70 cents to $84.46 per barrel. Across the Atlantic London’s Brent North Sea crude for delivery in May rose in price by 74 cents to $83.44 per barrel.
These oil prices echo other instruments at commodities markets across the globe. Manufacturing in both Asia and Europe has seen a turn for the better with Europe’s purchasing managers’ index for manufacturing rise 2.4 points from February to 56.6 points in March. Figures by HSBC show that China’s purchasing managers’ index rose by 1.2 points to 57 last month after falling to 55.8 in February.
The weaker dollar found at Forex markets across the world also assisted the price of oil to climb as the weak dollar makes dollar-priced commodities like oil cheaper for buyers using other currencies. If you want to play the commodities markets, Forex markets or even try your hand at spread betting you can do so at Spread Co, one of the internet’s most trusted trading companies. Visit www.spreadco.com to open a new trading account today.
