Crude Oil hits 2009 high

October 15, 2009

rose above UD$75bbl to settle at a record high on the year Wednesday as economic optimism hinted at a in global . US crude settled up US$1.03 at US$75.18 bbl, the highest settlement since October 14, 2008. Brent Light Crude settled up 70 cents to US$73.10 bbl. Support was provided by a weakened US$ which slipped to its lowest level in more than a year, making dollar denominated commodities like and Gold more affordable for holders of other currencies. “The dollar is weak and people are buying commodities, that’s by far the sole and exclusive reason we’ve seen behind the crude rally today,” said Tom Knight, broker at Truman Arnold in Texarkana, Texas. “There are those who also see the rally in equities as supportive, as it raises hopes for improving oil demand.” has more than doubled from below US$33 bbl last December in anticipation of this economic .

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IMF says worst over for US economy

August 3, 2009

The sharp in the US economy is ending and will come about slowly according to a report released by the International Fund () yesterday.

In an annual report on the world’s largest economy, stuck to its earlier that the US will contract by 2.6% in 2009 and then rise by 0.8% in 2010.

Due to the large and and wide range of measures to restore the financial stability, “the sharp fall in economic output seems to be ending, and in financial stability has strengthened,” the said in its report after the Article IV annual consultation with US officials. However, “financial strains are still elevated and the outlook remains for only a gradual , with risks still tilted to the downside,” it said.

Also on Friday, the reported that the US economy fell at a more subdued 1.0% pace in the Y 2009 Q-2, a strong signal that the worst recession since the has eased, and is coming to a close.

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