On Wednesday, in the Asian market the per-barrel price of oil rose over $105 amidst the anticipation that the up-surging US economy may lead to increased demand of crude.
For delivery in April, the oil benchmark got over 45cents to $105.15, when checked in the late afternoon as per the Singapore timing in the electronic trading market on the Mercantile Exchange of New York. The indenture dropped $2.02 in order to settle the per barrel price at $104.70, as noticed on Tuesday in New York.
In London, the price of Brent crude increased 40cents at $122.38/barrel.
The crude oil prices have pounced up from $75 (as in October) due to the fact that the economic indicators of US along with the employment have gradually developed over the past few months. The announcement job figures of February are scheduled to be made by the government on Friday.
Some analysts are presuming that the economic growth and the consumer spending will be undermined due to the rising cost of fuel but some say that the higher prices will be absorbed by the strong economy.
One of the experts at the Oil Opinions department has studied the situation and commented optimistically. The man said that, crude oil prices in a state happen to rise when there is a good deal of economic growth backing it up. According to his personal views, the state’s economy would not be in trouble with a mere rise of price to $100 or $140.
The latest data update from the U.S. crude oil department has given a striking figure. The report says that the world’s most gigantic economy has a very minute demand for oil.