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Oil rises to 29-month high

8-Mar-2011 10:51 AM

Oil rose to a 29-month high in New York on 07-Mar-2011 (Bloomberg, 08-Mar-2011). Crude oil for Apr-2011 delivery increased USD1.02 to USD105.44/barrel on the New York Mercenatile Exhcange, the highest settlement since 26-Sep-2008. The contract is up 29% year-on-year. Brent crude oil for Apr-2011 settlement slipped 0.8% to end the session at USD115.04/barrel on the London-based ICE Futures Europe Exchange.