7-Dec-2010 11:05 AM

Oil climbs to highest in 26 months

Oil traded at the highest in 26 months after Federal Reserve Chairman Ben Bernanke stated the US may take more steps to bolster the economy (Bloomberg, 06-Dec-2010). A return to a recession “doesn’t seem likely,” he added. Prices also gained as cold weather boosted heating demand in Europe. Crude for Jan-2010 delivery rose USD0.19 cents to USD89.38/barrel on the New York Mercantile Exchange for the highest level since 0&-Oct-2008. Prices have gained 13% in 2010. Brent crude for Jan-2010 settlement gained as much as 0.6% to USD92 a barrel on the ICE Futures Europe exchange in London.

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