As the equity rally continues, commodities continue to benefit as more compenies continue to beat expectations and that is a good sign that energy demand will pick up in the next quarter. Oil prices are reflecting that expectation.
The price of oil breached $80 a barrel in early trading in Asia, a new high for the year, boosted by the weak US dollar and strong US company results.
US light crude then fell back slightly to $79.56. London Brent was unchanged at $77.77 a barrel.
Oil prices are rising as encouraging US company results fuel optimism for the global economic recovery.
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Alfonso Esparza
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
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