Crude Oil Rises on Bets U.S. Recovery Will Boost Fuel Demand

Crude oil rose on speculation that economic growth in the U.S., the world’s biggest energy consumer, will sustain a global recovery in fuel demand.

Oil climbed above $74 a barrel in New York after Federal Reserve Bank of Chicago President Charles Evans said the U.S. economic recovery will continue amid uncertainties prompted by Europe’s debt crisis. About 28 million people were expected to be on road trips in the U.S. during the three-day Memorial Day weekend that ends today, a jump of 5.8 percent from a year earlier and the first increase since 2005, according to AAA, the country’s biggest motoring organization.

“There is strength in the crude market because people are concerned about the efforts to halt the oil spill in the Gulf,” said Carl Larry, president of Oil Outlooks & Opinions LLC in Houston. “This last effort failing that boosted the market.”

Read Full Article from Bloomberg

- Posted: 2010-05-31 11:59:18

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