Crude Oil prices ended 3% higher Thursday, rallying on news that US economy grew faster than expected in Q-3, raising hopes for a speedy recovery in energy demand. Light, sweet Crude Oil for December delivery rose US$2.41, or 3.0%, to settle at US$79.87 bbl on the New York Merc. Crude Oil’s advance came as the US Commerce Department said the World’s largest economy expanded by 3.5% in Q-3 Y 2009, more than analysts previously predicted, boosting hopes that US energy demand will be soon lifted by the economic recovery. Meanwhile, strong gains on equities markets and losses in the US$ against other currencies also encouraged buying in the commodities markets. In London, Brent Crude Oil for December delivery gained US$2.28 to US$78.14 bbl on the ICE Futures exchange.
-Paul A. Ebeling, Jnr. www.livetradingnews.com
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