Oil price rising on global confidence
11 April 2012
Oil rose above $69 a barrel today as stock markets around the world rallied and traders bet the global recession will not be as severe as expected.
Crude was up 30 cents to $69.11 in New York having peaked at $69.52. In London, it was up 23 cents at $68.94.
"Buyers are hoping an imminent global economic recovery will eventually improve the currently weak fundamentals," said analysts at MF Global.
