Crude oil prices at 8-week high

8 March 2010

Written by Bob Burton

Crude oil prices pushed above $82 (£54) a barrel during the electronic trading session of the New York Mercantile Exchange (Nymex) this morning (March 8th), extending gains seen at the close of trading last week.

Heating oil prices were also up amid optimism that improving economic conditions will boost demand for fuels in the US, the world's largest energy user.

Speaking to Bloomberg, Toby Hassall, research analyst with CWA Global Markets in Sydney, said that the publication of new consumer confidence data tomorrow is likely to bring a boost to crude and other energy commodities.

"Macroeconomic sentiment seems to be fairly positive. That's helping to nudge oil up but the actual physical supply and demand data is still soft," he said.

Gains this morning push crude closer to their highest level seen this year, after the headline Nymex crude contract breached the $81.50-a-barrel marker on Friday, the highest price seen since January 11th.

Click here for a home heating oil quote