Crude Oil

After lying low for quite some time, crude prices are on the rise again. For the first time in 10 weeks, crude was trading above $50 a barrel after hitting a low of $32.40 a barrel in December 2008. This rise in crude prices is being attributed to a recovering economy as well as the weakening dollar which is pushing up the prices of all commodities. According to Barclays Capital, crude prices are rallying because of return to market fundamentals, specifically a focus on global supply and a shift away from the doom and gloom psychology of a recession. At its meeting on 15th March, the Organisation of Petroleum Exporting Countries decided to keep oil output at current levels, rather than make another round of cuts to shore up prices. This is being looked upon by many traders as a sign of strength.

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