Oil Breaches $95 a Barrel
Crude-oil futures breached $95 a barrel to a fresh one-month high Thursday as fears a recession would drag down oil demand abated.
Light, sweet crude for March delivery was recently up $1.84, or 2% higher, at $95.11 a barrel on the New York Mercantile Exchange after rising to $95.44 a barrel, the highest front-month intraday price since Jan. 10. March Brent crude on the ICE futures exchange, which expires Thursday, was trading up $1.91 at $95.23 a barrel.
In testimony Thursday, Federal Reserve Chairman Ben Bernanke said he sees a "sluggish" U.S. economy picking up later this year and signaled. Source
Light, sweet crude for March delivery was recently up $1.84, or 2% higher, at $95.11 a barrel on the New York Mercantile Exchange after rising to $95.44 a barrel, the highest front-month intraday price since Jan. 10. March Brent crude on the ICE futures exchange, which expires Thursday, was trading up $1.91 at $95.23 a barrel.
In testimony Thursday, Federal Reserve Chairman Ben Bernanke said he sees a "sluggish" U.S. economy picking up later this year and signaled. Source
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