Oil Report Friday 30th October 2009

30 October 2009 @ 07:36 am EDT

We saw a significant strengthening in crude prices yesterday, a $2.75 increase which in effect denied the previous day heavy losses. The rally was supported by a report from the US Commerce Department showing a 3.5% increase in third quarter gross domestic product, more than analysts had expected. The announcement triggered a mass exodus out of the traditional safe haven place in times of uncertainty, the US dollar into equities and commodities as riskier choices were back in favour. So a quicker than initially thought recovery in the US easily spilled over into the energy complex pushing crude prices up despite a lack of correspondent improvement in oil demand.

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