NEW YORK, May 6 (Xinhua) -- Crude prices surged to a six-month high on Wednesday after a slowdown in private sector job losses in the United States boosted hopes for a turnaround in the economy.
U.S. private sector job losses slowed in April as employers cut491,000 from the pay rolls, less than an expected loss of 650,000.Investors believed that the U.S. economy may be on its way to recovery.
On Tuesday, Fed Chairman Ben Bernanke gave his most optimistic prediction yet about the end of the U.S. recession, saying he expects the economy to start growing again this year.
An unexpected decline in U.S. gasoline stocks also boosted the rally. The Energy Department's Information Administration said on Wednesday that gasoline stocks fell by 200,000 barrels to 212.4 million barrels last week.
Crude levels for the week ended May 1 rose by 600,000 barrels to a fresh 19-year high at 375.3 million barrels, according to the data. Analysts had expected a buildup of 2.2 million barrels.
Light, sweet crude for June delivery was up 2.50 dollars, or 4.6 percent, to settle at 56.34 dollars a barrel, the highest since Nov. 14, 2008.
In London, Brent prices rose 2.03 dollars to settle at 56.15 dollars a barrel on the ICE Futures exchange.
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