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Oil Close to $60/bbl

Posted by Jim Sparrow on Friday, May 8th, 2009 at 3:04pm.

NYMEX Crude OilNYMEX crude oil closed at the highest level since November following a job forecast report showing fewer US job cuts. Traders took this as a signal that the worst of the recession has passed and fuel demand may rebound.

Crude oil contracts (June delivery) closed out the week at $58.70 / bbl, a 10% rise from last week.

Natural gas futures also finished the week with strong gains, closing at $4.25 per million BTU, up $0.27 on the day.

Meanwhile the Toronto Stock Exchange's S&P/TSX composite index marked its highest close in more than six months on Friday, closing the day @ 10,238.0. Nine of ten sectors closed higher as the exchange closed up 7.8% on the week.

The TSX, while still off over 30% from the highs of 2008, is up over 36% from just a couple of months ago.

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2 Responses to "Oil Close to $60/bbl"

Kent wrote: About time. Watch oil - gas prices rise as summer driving season starts

Posted on Friday, May 8th, 2009 at 7:37pm.

Jim Sparrow wrote: @Kent - it's already started. Noticed the price of gasoline rose 10¢ / liter Wednesday nite under the cover of darkness

Posted on Friday, May 8th, 2009 at 9:04pm.

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