04 Apr '11, 3am

Crude oil prices have hit fresh two-and-a-half year highs in Asian trade

Crude prices hit their highest level since September 2008, as a jump in US jobs creation inspired traders, analysts said. -- PHOTO: REUTERS SINGAPORE - CRUDE prices hit fresh two-and-a-half-year highs in Asian trade on Monday as a jump in US jobs creation inspired traders, analysts said. New York's main contract, light sweet crude for delivery in May, rose 72 cents to US$108.66 (S$136.92) per barrel, topping Friday's peak of US$107.93 and hitting its highest level since late September 2008. Brent North Sea crude for May delivery advanced 40 cents to US$119.10. A strong showing in US jobs creation for March was leading crude prices higher, said Ben Westmore, minerals and energy economist for National Australia Bank in Melbourne. 'It seems to be demand factors that are causing the rise in prices.... In particular the non-farm payrolls number which was about 216,000 jobs in M...

Full article: http://www.straitstimes.com/BreakingNews/Money/Story/STIS...

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