Crude Investing News reports oil prices sliding and peaking at various periods.
Oil prices soared higher on the prospects of a rebound in energy demand. “The market thinks the worse is behind us and that we’re heading toward recovery at the end of the year, early next year,” Fitzpatrick said. Spreading worldwide recession has ravaged energy demand and slashed oil prices from their record peaks of above $147 last July. Investors bought into oil despite some very bearish supply numbers released by the government
On Friday, oil prices settled above $52 a barrel, slightly lower on the day after a report that US unemployment in March soared to a 25-year high. But optimism that the economy will soon turn around curtailed losses.