Oil Trades Near Highest Level in 4 Months, on Upbeat US Economy and OPEC Forecast

Bloomberg reported that oil traded close to its peak level in four months on signs of U.S. economic growth and as OPEC Secretary General Abdalla El-Badri announced that oil prices will likely not drop this year.

As quoted in the market news:

Crude for March delivery was at $96.72 a barrel, up 28 cents, in electronic trading on the New York Mercantile Exchange at 1:22 p.m. Singapore time. The average volume of all contracts traded was 50 percent below the 100-day average. Futures rose to $96.44 yesterday, the highest since Sept. 17.

Click here to read the full Bloomberg report.