Oil Price Continues to Rise as Equities Grow

14 October 2009 (Last Updated October 14th, 2009 18:30)

The oil price continue to rise above the record 2009 level it hit yesterday, climbing to $75.96 on the New York Mercantile Exchange. Pushed by rising equity markets, the rise has offered hope to economies such as the US that the economic recession could be about to wilter. The

The oil price continue to rise above the record 2009 level it hit yesterday, climbing to $75.96 on the New York Mercantile Exchange.

Pushed by rising equity markets, the rise has offered hope to economies such as the US that the economic recession could be about to wilter.

The oil price has been rising for six days following news from the American Petroleum Institute (API) that US crude oil and gasoline stockpiles were receding.

The US’ crude oil stockpiles fell 172,000 barrels to 339.2 million last week, the API said, while gasoline inventories declined 2.66 million barrels to 210.4 million.

In a Bloomberg report, Newedge commodity and derivatives sales manager Ken Hawegawa said that oil could still see better figures for 2009.

“The big increase after this market broke above $75 yesterday shows it’s possible for prices to accelerate further in the near term,” Hawegawa said.