Crude skyrockets above $80 and threatening economic recovery
Crude is trading above $80 per barrel today, after China managed to hold onto its economic growth levels throughout the remainder of this year, although the high figures are threatening economic recovery in developing countries; furthermore, investors await the release of US home sales data today, alongside Bernanke's anticipated speech.Crude today hovers around $80 per barrel recording its highest around $81.84 and lowest around $80.84, while it currently is trading around $80.90 per barrel.Chinese Prime Minister Wen Jiabao in a recent speech pointed out that China plans to back the euro reassuring that it will not be reducing the size of its European bonds, but rather striving to tighten bonds with the European Union. Meanwhile, China maintains its growth levels, although the nation alongside other members of the OPEC stated that the high oil prices are damaging the economy and are not in the group's interests.Crude last Friday traded around $79 per barrel recording its highest around $81.66 and lowest around $79.68 per barrel, closing around $81.58 per barrel. Investors are jittery towards markets due to woes regarding the record high oil prices threatening global economic recovery persisting in markets.Moreover, investors are anticipating chairman of the Federal Bank Ben Bernanke's speech that is expected at 19:00 GMT today, alongside US home sales data as well.As for NYMEX as of 03:46 EST; motor gasoline rose $208.690 per gallon to record $0.04; heating is trading around $228.760 per gallon shedding $0.27; whereas natural gasoline also lost $1.03 to record $3.758. In London, Brent futures fell $0.44 to record $83.380.
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