Oil soars to 17-month high at $85
Crude oil surged to a 17-month high and petrol rose on signs that global economic growth is accelerating, bolstering optimism that fuel consumption will increase this year.
Oil advanced as much as 1.7pc after reports showed US, Chinese and European manufacturing expanded, while pessimism decreased among Japan's largest industrial companies. US government data today may show that . employers added about 180,000 jobs in March, a Bloomberg News survey showed.
"The economic news recently has generally been good, which has changed the perception of the oil market," said Sarah Emerson, managing director of Energy Security Analysis in Wakefield, Massachusetts. "An economic recovery is always good for demand."
Crude oil for May delivery rose $1.08, or 1.3pc, to $84.84 a barrel at the close of floor trading on the New York Mercantile Exchange. Futures touched $85.22, the highest level since October 9, 2008. Prices climbed 5.5pc last quarter and are 75pc higher than a year ago.
There will be no Nymex futures trading today because of the Good Friday holiday.
Brent crude oil for May settlement increased $1.30, or 1.6pc, to $84 a barrel on the London-based ICE Futures Europe exchange.