[AP] - Oil prices jumped to fresh 30-month highs above $108 a barrel Monday as the conflict in Libya extended market concerns about supply risks and signs of a recovering U.S. jobs market bolstered optimism that global crude demand will strengthen.
Canadian oil sands production could “easily” surge by an additional one million barrels per day if key pipeline projects are approved, according to the International Energy Agency.
The IEA’s latest annual report, published Tuesday, expects Canada’s oil production to rise to 5.7 million barrels per day by 2030, but believes some oil sands development may hinge on market access.
World oil prices swung higher on Thursday as the euro gained on hopes Greece's debt swap would be successful, with tensions over Iran also supporting the crude market, analysts said.New York's main contract, light sweet crude for delivery in April, added 76 cents to $106.92 a barrel.Brent North Sea crude for April won $1.19 to $125.31 in London morning trade.Prices rallied, in line with global stock markets, on mounting optimism that Greece's debt swap would be successful and after strong US jobs data.
And just like that, the BLS is reacquainted with soaring food prices. Moments ago the US government reported that producer prices, as part of a newly reindexed PPI series, spiked by 2.1% from a year ago, or a whopping 0.6% surge in April, the biggest monthly jump since January 2010, and up from the 0.5% increase in March.
Oil rose to near $103 a barrel Friday in Asia as signs of an improving U.S. economy fueled investor optimism and a global stock market rally.Benchmark crude was up 48 cents to $102.79 per barrel at late ...