Crude Oil Prices Rise Again
May 7, 2009
Crude oil prices continued to rise Thursday, closing trading at $56.71 on the New York Mercantile Exchange after rising to over $58 a barrel earlier in the day.
It was the first time oil prices had passed the $58 mark this year.
Analysts say there's still plenty of supply and no real "fundamental" reasons for oil prices to be rising like this. What apparently triggered the rise in prices was a report that although crude stockpiles continue to rise, they climbed less than expected last week.
As one analyst told the Associated Press, "We have a market that's fixated on the prospects of a much-faster-than-expected global economic recovery."
Production cuts by the Organization of Petroleum Exporting Countries also have helped keep crude prices higher.