Oil Reaches Seven-week High

October 12, 2009

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The price of crude oil settled at a seven-week high Monday, on news of a global economic recovery and increased demand reflecting a cold front that has hit the U.S.
, according to Reuters.

U.S. crude ended the day at $73.27 a barrel Monday, a 2 percent jump, Reuters reported.

The news service also points to the decline in the U.S. dollar and strong equity markets for the boost in price.

Due to the Columbus Day holiday, the Energy Information Administration will release national diesel and gasoline prices by Tuesday at 5 p.m. Eastern time.

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