The price of oil rose as high as $86.57 a barrel on the New York
Mercantile Exchange on Monday as economic data spurred optimism that
fuel demand will increase as the economy rebounds, reports Bloomberg.
At 18.28 MT crude oil for May delivery increased $1.56, or 1.8
percent, to $86.43 a barrel on the New York Mercantile Exchange. Brent
crude oil for May settlement rose $1.61, or 1.9 percent, to $85.62 a
barrel on the London-based ICE Futures Europe exchange.
On Friday, the census bureau of the U.S. Labor Department reported
that in comparison with March the level of unemployment remained
unchanged at 9.7% and the number of workplaces in non-agricultural
industries increased by 162,000. This news signaled that the U.S.
economy is recovering from the worst recession since the 1930s.
