Oil went up because of economic data
January 31, 2009 – 10:18 pmPrice of oil has risen from 30 January through the economic data , tells MarketWatch.
Ministry of Commerce issued a preliminary data on GDP for the IV quarter of 2008, which show that the economy the country has fallen during the period at 3.8%. In III quarter of 2008, U.S. GDP fell by 0,5%.
At the same time, U.S. GDP data for the IV quarter were better than analysts’ expectations, forecast 5.4% decline in the economy. This gave the market participants to play in improving.
As a result of trades on the NYMEX March crude oil futures on the supply of stamps WTI increased by $0.24, or 0.6%, to $41.68 a barrel. During the bidding price of oil rose more than 4% to $43.44 a barrel.
Following weeks and months, the price of oil has fallen by 10% and 14% respectively.
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