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Strong US Recovery Boosts Crude

April 16, 2011 at 0:14 by Vladimir Vyun

Crude oil gained as the signs of the economic recovery in the US spurred speculation that demand for fuel will increase. The Reuters/University of Michigan Consumer Sentiment increased from 67.5 to 69.6 this month, according to the preliminary estimate. The Federal Reserve reported that the industrial output grew 0.8 percent in March.

Crude still remains in danger as concerns persist that the high prices will slow the global recovery. Goldman Sachs Group Inc. predicted a “substantial” correction, while the International Energy Agency said that demand for oil is already falling. The International Monetary Fund trimmed its growth forecast for the US and Japan for 2011.

May contract for crude oil delivery rose $1.55 to $109.66 per barrel on NYMEX. Prices for crude have risen 28 percent from a year ago on concerns that the turmoil in the nations of North Africa and Middle East will hamper supplies.

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