Oil hits $75 a barrel – reaches 2009 high

October 14, 2009

(ChattahBox) — With the dollar swooning and commodities rising, oil prices on a five-day rally, set a new high for the year on Wednesday, touching above $75 a barrel.  US light, sweet crude peaked at $75.15 a barrel, before falling back to $74.86 later in the session after the Organization of Petroleum Exporting Countries predicted that demand for oil will be up next year, but not by much and that recovery will be slow. Prices also rose on predictions that cold weather forecast for the US Northeast and Midwest will raise heating oil demand to over 40 percent above average in coming days. Oil has traded between $65 and $75 since May as traders have considered mixed crude supply and demand data. The U.S. dollar touched a 14-month low against many currencies as investors focused again on the outlook for U.S. interest rates.


One Response to “Oil hits $75 a barrel – reaches 2009 high”

  1. Diabetes Update: Turning The Battleship Around: Low Carb Study at EASD | Diet Health Wisdom on October 14th, 2009 10:36 am

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