Will improved consumer confidence buoy commodity prices?
*Reuters, by Jane Merriman, May 26, 2009
“Oil pared losses on Tuesday to trade above $61 a barrel, after Saudi Arabia said oil demand was picking up and in response to positive U.S. consumer confidence data.
U.S. crude oil for July delivery was down 7 cents from Friday’s close at $61.60 a barrel by 1413 GMT. It earlier touched a session low of $59.53.
London Brent crude was up 49 cents from Monday’s close, at $60.70.
There was no settlement price for U.S. crude oil on Monday as NYMEX was closed for the U.S. Memorial Day holiday.
Oil has nearly doubled in price since December, buoyed partly by expectations of increased demand if the world economy recovers.
U.S. crude has reached its highest levels in six months.”
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