(1888PressRelease)
May 08, 2009 - Oil prices rose toward $57 a barrel Thursday in Asia, extending gains to near six-month highs on investor expectations global economic growth may begin to rebound by the end of the year.
Benchmark crude for June delivery was up 27 cents to $56.61 a barrel by midday in Singapore, in electronic trading on the New York Mercantile Exchange. The contract Wednesday rose 4.6 percent, or $2.50, to settle at $56.34, the highest level since mid-November.
Oil has broken above a trading range of about $45 to $55 a barrel that it's been in since dropping from a record $147 in July, boosted by investor perceptions that the worst of a severe U.S. recession may be over.
“Governments across the world, led by the U.S. and China, have announced massive fiscal stimulus packages that should eventually spark economic growth and demand for commodities,” said Stephen Yang an analyst with Seedorf Luxman & Partners in Singapore.
"If we do reignite the global economy, the pressures will come back," the Seedorf Luxman & Partners analyst said. "If we print enough money, we will get people to buy. If you give money to the world, the world will spend it."
Seedorf Luxman & Partners are a specialized advisory and consultancy company that provides investors with the resources necessary to find small stocks with tremendous growth potential, unknown to the general investing public. All of our team with comprehensive fields of expertise are driven by a focus upon helping our clients meet their investment objectives. Whether you are an individual investor or an institutional client we will provide an excellent level of service.
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