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16/05/26 8:50:03

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Subject: New York's main contract, light sweet crude for December delivery, rose 15 US cents to $US87 a barrel in the afternoon.Brent North Sea crude for December gained nine US cents to $US88.20. Author: Oil has since last Wednesday been spurred on by the Federal Reserve's decision to inject an additional $US600 billion into the US market in an attempt to stimulate the economy of the world's biggest oil consumer. [ Next Thread | Previous Thread | Next Message | Previous Message ] Date Posted: 8/11/10 2:01:02 In reply to: Oil prices in longest rally of year - AAP 's message, "Rolls-Royce shares slump - AAP" on 8/11/10 1:59:31 Skip navigation Home.Investing Market Stats.Currencies.Online Trading.Education...News & Opinion Top Stories.Australian Dollar.Stock Market.Columnists.Currencies.Companies.Small Business.Personal Finance.Videonew!...My Portfolios.Personal Finance Banking & Savings.Budget.Calculators.Credit Cards.Columnists.Compare Rates.Home Loans.Insurance.Money & Your Life.Special Features.Tax...Small Business Starting a business.Finance & Tax.Marketing.Business Banking.Technology.Wealth Building.KBB TV...Video...Search for share prices Search for share prices .Mon 8 Nov 2010 20:58 - Australia Markets closed .. Oil prices in longest rally of year Share retweet EmailPrint.Topics:Commodities Market.On Monday 8 November 2010, 18:49 EST Oil prices staged their longest rally this year, extending gains into a seventh day in Asia on Monday as encouraging US jobs data and quantitative easing pushed up prices, analysts said. New York's main contract, light sweet crude for December delivery, rose 15 US cents to $US87 a barrel in the afternoon. Brent North Sea crude for December gained nine US cents to $US88.20. "For this year, it's the longest rally," Victor Shum, senior principal of Purvin and Gertz energy consultants in Singapore, told AFP. "Oil started to be above 80 dollars for Nymex in early October, we are now into the second week of November and oil has climbed even higher," Shum added, referring to the New York Mercantile Exchange. "The US jobs report that was supportive, the US Federal Reserve's quantitative easing two - both are the factors leading investors to buy oil futures." The US Labour Department reported a surprising 151,000 non-farm jobs were added in October, snapping a four-month streak of payroll losses and more than double the 60,000 forecast by most analysts. Oil has since last Wednesday been spurred on by the Federal Reserve's decision to inject an additional $US600 billion into the US market in an attempt to stimulate the economy of the world's biggest oil consumer. Shum was bullish on oil's near-term prospects, saying: "There is a momentum for it to go higher right now." [ Next Thread | Previous Thread | Next Message | Previous Message ]