Crude Oil prices rose more than US$2bbl last Friday, to hit a four week high on support from improved US Consumer confidence and evidence of record levels of compliance by OPEC with its agreed output cuts. US Crude Oil futures jumped US$2.08 to settle at US$53.20bbl, after hitting US$53.65, the highest since April 3. Brent Crude settled up US$2.05 at US$52.85.The gains came after a survey showed consumers in the USA, the world’s top energy user, felt more confident about the economy in April than at any time since September 2008. “This should push this market higher,” said Nauman Barakat, senior vice president at Macquarie Futures USA. Equity markets also gained, continuing a strong trend in recent weeks of commodity markets riding in tandem with Wall Street and other global shares.
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