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Crude Oil Breaks Three-Week Record on Recovery Hopes, Oil Spill

April 30, 2010

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Crude oil finished out the week reaching a three-week record high, due to increased confidence in the economic recovery and the BP oil spill, which is threatening the coasts of several southern states
Debris and oil from the Deepwater Horizon drilling platform float in the Gulf of Mexico after the rig sank April 22. The spill has affected oil prices. (Photo courtesy of the U.S. Coast Guard)
Debris and oil from the Deepwater Horizon drilling platform float in the Gulf of Mexico after the rig sank April 22. The spill has affected oil prices. (Photo courtesy of the U.S. Coast Guard)
, according to published reports.

Dow Jones reports crude increased 1.2 percent to close out trading at $86.15 a barrel on the New York Mercantile Exchange Friday. The price of crude hasn't been as high since April 6, when it settled at $86.84 a barrel, Dow Jones says.

The news service reports that inventories could be threatened by the oil spill that occurred in the Gulf of Mexico. Specifically, there is concern over whether imports at the Louisiana Offshore Oil Port could be affected, although a spokeswoman told Dow Jones the port is operating as usual.

Economic hopes also propped up crude oil prices, as a U.S. report is expected to show 3.3 percent growth during the first quarter, Bloomberg reports. In addition, a European Commission report said there has been increased consumer confidence in the Euro area, another sign of optimism, Bloomberg says.



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