NEW YORK (MarketWatch) -- Crude-oil futures rose Friday for a third session, heading for their second weekly gain as hopes that the worst of the global recession might be over outweighed an excessive buildup in crude inventories.
Crude for June delivery was last up 98 cents, or 1.9%, to $52.10 a barrel on the New York Mercantile Exchange. For the week, oil has gained more than 1%, including a Thursday advance on the back of a drop in U.S. jobless claims. "Market participants are taking solace from any optimistic signs the economy shows," said Michael Fitzpatrick, an analyst at MF Global. However, "we are more convinced than ever that the market is being set up for a short sharp reversal lower, perhaps to $40." Crude oil ended April's trading up 2.9%, despite excessive buildup in U.S. inventories. Government data showed Wednesday that U.S. crude inventories rose 4.1 million barrels to stand at 374.7 million barrels -- the highest level since September 1990.
Full Story: Oil rises on economic hopes; poised for second weekly gain - MarketWatch
Crude for June delivery was last up 98 cents, or 1.9%, to $52.10 a barrel on the New York Mercantile Exchange. For the week, oil has gained more than 1%, including a Thursday advance on the back of a drop in U.S. jobless claims. "Market participants are taking solace from any optimistic signs the economy shows," said Michael Fitzpatrick, an analyst at MF Global. However, "we are more convinced than ever that the market is being set up for a short sharp reversal lower, perhaps to $40." Crude oil ended April's trading up 2.9%, despite excessive buildup in U.S. inventories. Government data showed Wednesday that U.S. crude inventories rose 4.1 million barrels to stand at 374.7 million barrels -- the highest level since September 1990.
Full Story: Oil rises on economic hopes; poised for second weekly gain - MarketWatch
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