Yesterday's price gains in crude although marginal in absolute terms could be interpreted as rather impressive given the strengthening in the US dollar and a drop in the equity markets. Robust sentiment on global economic recovery still provides strong support for the energy complex especially after both FED Chairman Ben Bernanke and ECB President Trichet talked about signs indicating the world economy has bottomed. So it was no surprise to see crude reaching a new record high for 2009 at $74.81.
COMMODITY LEVEL CHANGE
ICE BRENT CRUDE - OCT 09 74.26 (+0.07)
ICE WII - OCT 09 74.37 (+0.48)
GASOIL - OCT 09 616.25 (+8.00)
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