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Oil prices keep soaring

01 June 2009 07:33 (UTC +04:00)

Bakuâ€“ APA-Economics. Crude oil rose to the highest since November as Chinaâ€™s manufacturing expanded for a third month and the nation raised fuel prices, Bloomberg reported.
Oil climbed as much as 1.3 percent after Chinaâ€™s Purchasing Managerâ€™s Index stayed above 50 in May, indicating economic recovery. China, the worldâ€™s second-biggest energy consumer, increased prices of gasoline and diesel by as much as 8 percent today, a move that may prompt domestic refiners to boost crude purchases for processing.
Crude oil for July delivery rose as much as 83 cents to $67.14 a barrel on the New York Mercantile Exchange. It was at $67.11 at 1:03 p.m. Singapore time.
Crude had its biggest monthly gain in a decade in May, surging 30 percent, after OPEC left output unchanged on signs the global economy is recovering and fuel demand will increase.
Oil climbed last week as the dollar fell beyond $1.41 against the euro for the first time this year, making raw materials such as oil and gold attractive alternative investments.
Brent prices would see an â€œinevitableâ€ return to $100 a barrel within the next two years because of reduced spare capacity among OPEC members, Cazenove Asia Ltd. said on May 29.
Brent crude for July settlement rose as much as 73 cents, or 1 percent, to $66.25 a barrel on Londonâ€™s ICE Futures Europe exchange, and traded at $66.22 a barrel at 1:03 p.m. Singapore time.