Oil climbs to near $68, new high for the year

[Joanne98]

LONDON (AP) -- Oil prices rose to near $68 a barrel Monday, hitting a new high for the year as world stock markets rallied and investors banked on hopes that the global recession is easing.

Benchmark crude for July delivery was up $1.38 to $67.69 a barrel by late morning in Europe in electronic trading on the New York Mercantile Exchange, the highest level since early November. It had traded above $68 earlier in the day.

Oil prices have almost doubled from below $35 a barrel in March as investors have taken heart from signs a severe recession in the U.S. is slowing. Asian and Europen stock markets rose Monday as surveys showed Chinese manufacturing expanded in May and on hopes that an imminent bankruptcy announcement by General Motors Corp. will help the automaker become a leaner and healthier company.

However, global oil demand remains weak and U.S. supplies are near 19-year highs. And higher oil prices could drag on any nascent recovery.

http://finance.yahoo.com/news/Oil-climbs-to-near-68-new-apf-15395883.html?sec=topStories&pos=5&asset=&ccode=

[IrateCitizen]

1. The bumpy plateau of Hubbert's Peak

It will be very interesting to see how the economic "recovery" plays out when oil demand hits up against neglected investment in new sources or exploration due to low prices. :scared:

[pokercat999]

2. What SIGNs the recession is slowing? Media happy

talk? Who are these buffoons. Oh right these are the same dipshits that got us into this mess.