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Oil climbs to highest in 26 months

7-Dec-2010 11:05 AM

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.