Crude Oil Up,Gold Steady As Wall Street Rallies

Crude oil prices climbed higher on Friday on growing expectations for an economic recovery.Crude oil prices rose by $2.07 to $58.45 per barrel Friday.Natural gas prices was up 0.182 cents to $4.34 per million British thermal units. Heating oil prices rose 0.0296 cents to $1.5115 per gallon.

Crude oil price rose by 10.2 percent over the last week.The recent rise in prices is mainly led by the latest U.S. employment data that showed slowdown in the pace of job losses.Oil is up 72.5 percent since closing at $33.98 a barrel on Feb. 12.

Gold prices held steady on Friday while other commodities, like oil surged on the upbeat economic data.Gold for June delivery was down 60 cents to settle at $914.90 an ounce on the New York Mercantile Exchange.Dollar was weaker against the euro and pound which supported gold prices.Silver slipped 7.5 cents to $13.9550 an ounce, while July copper futures fell 1.9 cents to $2.1455 a pound.

The global downturn has weakened energy demand and Crude Oil prices have rebounded from low of $33.98 a barrel in feburary 2009 and has fallen from record highs of more than $147 in July 2008.
Sunday,10 May 2009