Oil Continues Upward Trend
October 16, 2009
Crude oil continued its upward trend Friday, ending the day at $78.53 a barrel and setting another record high for the year
, according to Reuters. The news comes on the heels of the Federal Reserve releasing data on industrial production, which saw a boost of 0.7 percent in September. This continued to buoy confidence in an economic recovery, Reuters reports.
Industrial production has been on the rise for three straight months, including a gain of 1.2 percent in August, according to the Federal Reserve. For the third quarter, output advanced at an annual rate of 5.2 percent, the first quarterly gain since the first quarter of 2008.
Over the last seven consecutive trading days since Oct. 7, oil prices have gained 12.9 percent, or about $9 a barrel, Reuters says. Friday's fall in U.S. stocks and a stronger dollar did not deter investors from buying oil, in light of the production numbers, the news service reports.
The price of oil reached yearly highs Wednesday and Thursday, ending those days at $75.18 a barrel and $77.58 a barrel, respectively. The Wednesday high came after the Dow Jones industrial average broke 10,000 for the first time in a year. Thursday's high was characterized by a fall in U.S. gasoline stocks and a boost in the equity market, according to Dow Jones.