Tag: investors purchased oil
Crude Oil Rises to Eight-Week High on Increased Investments
Mar/11/2010 | Under : Crude Oil, Natural Gas, Oil and Gas Drilling, Petroleum
Crude oil rose to an eight-week high as investors purchased oil and fuel futures amid returns that have outpaced other securities.
“The financial flow may soon send prices to $85, even if that’s not justified by physical demand,” said Kyle Cooper, a managing director at energy consultant IAF Advisors in Houston. “You’re seeing a lot of money move into the market.”
Oil has advanced 80 percent over the past year, greater than the Dow Jones Industrial Average’s 59 percent increase. Futures traded in a $1.66 range today, drifting between gains and losses, as equities and the dollar fluctuated.
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