23rd
Mar
2010

Oil Prices Rise to $82

Posted by Admin

Everyone’s favorite commodity has risen in price–Oil rose to $82 a barrel today. It appears that the signals of recovery being sent by the economy have caused consumer confidence to increase, which naturally causes the black gold to rise in price. Optimism about the economy naturally means there will be more consumption of oil in the U.S., the largest consumer of energy.

“The EIA data tends to suggest that oil demand in the U.S. is recovering, particularly gasoline, but it’s still at low levels,” said David Moore, commodity strategist at Commonwealth Bank of Australia Ltd. in Sydney. Crude oil “went below the $80 level and it attracted a bit of buying at that lower level.”

So, just in case you were prepared for economic recovery–be ye forewarned, oil prices just rose! Rest assured, the effects of these slow rises in oil prices won’t be felt for a while.