10 June 2009

Barrel of Oil over $70

The price of a barrel of oil has reached to over $70 today, rising sharper than expected. Analysts, economists and even traders are growing in confidence and some are even forecasting the price to hit $80 within the next couple of weeks.

Oil has had a rollercoaster ride over the past year, hitting soaring highs and low depths in 2008 alone. The drop was down to the global financial downturn as not only confidence but demand lessened.

Now with ever more positive news coming from the world's financial sectors, so the appetite for risk is growing in the Futures market and trade in general.

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