Crude Oil Breaks Through USD90/Barrel

Posted by Nogger - a legend in his own mind at 11:31 | Categorized as

07/12/10 -- Crude oil has broken through USD90/barrel to post a more than two year high this morning.

A weak dollar, on the back of comments from US Fed chairman Ben Bernanke that a third round of QE may be needed to maintain the recovery in the world’s largest economy pushed crude to an intra-day high of USD90.37/barrel by mid morning. Brent crude also hit a 26 month high of USD92.36/barrel.

As well as a weak dollar, cold weather in Europe and parts of the US is seen supporting prices in the near term.

Crude levels are now closer to the 2008 highs of USD147/barrel than the early 2009 lows of USD33/barrel.