Oil prices continues to rise

Oil prices continues to rise
# 04 April 2011 07:30 (UTC +04:00)
Baku – APA-ECONOMICS. Oil prices gained from the drive with the 1st quarter’s double-digit gains posted, Financial Feed GulfNews reported.
May Brent crude gained $1.34 to $118.70/barrel. May contract spiked at $119.14 in an after-settlement trading. On Feb. 24, Brent’s front-month 2.5 years high of $119.79 was hit. If fell below $108 after March 11 earthquake and tsunami in Japan but has recovered.
U.S. crude hiked $1.22 to $107.94 and settled at $108.47 in post-trading. Together with its intraday peak, it was its highest since September 2008, stealing the peak position from jobs data of 2011. U.S. crude trading volume’s weekly total hit the year’s lowest with lots traded from last week’s 2.53 million to 2.45 million. Friday’s 509,669 lots were 32% less than the 30-day average. Brent’s 454,581 daily lots were 7.5% below its 30-day average.
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