BLBG: Oil Rises to 17-Month High in New York as Equities Markets Gain
By Alexander Kwiatkowski
April 1 (Bloomberg) -- Crude oil rose to a 17-month high as equity markets advanced amid signs of economic growth in Asia, triggering buying by traders and commodity investors.
“People are taking every opportunity to buy oil and push it up higher,” said Gerrit Zambo, a Bayerische Landesbank trader in Munich. “It is simply due to the positive market sentiment overall and also due to equities and the technical situation.”
Crude oil for May delivery rose as much as 78 cents, or 0.9 percent, to $84.54 a barrel in electronic trading on the New York Mercantile Exchange, the highest since Oct. 14, 2008. It was at $84.42 at 8:50 a.m. London time. Brent crude oil for May settlement was up 60 cents at $83.30 a barrel on the London- based ICE Futures Europe exchange.
European and Asian shares advanced after reports showed China’s manufacturing growth accelerated and Japan’s largest manufacturers became less pessimistic. The Stoxx Europe 600 index was up 0.9 percent at 8:52 a.m. London time.
There will be no Nymex futures trading tomorrow because of the Good Friday holiday.
To contact the reporter on this story: Alexander Kwiatkowski in London at akwiatkowsk2@bloomberg.net
