Fund Inflows Push Oil To 18-Month High

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Oil was pushed up to a fresh 18-month high on Thursday, bolstered by talk of fresh inflows from investors at the start of the new quarter.

The move higher came despite a stronger dollar, which often dampens enthusiasm for commodities, and after news of yet another build in United States crude oil inventories.

United States crude for May delivery rose by 68 cents to $84.44 a barrel, after hitting an intra-day high of $84.54, and settling at $83.76 a barrel on Wednesday, the highest close since October, 2008.

London ICE Brent climbed 66 cents to $83.36 per barrel.

Crude oil futures could not trade on Friday in either New York or London because of the Easter holiday.

Meanwhile, gasoline stockpiles logged a modest but unexpected gain.

 

Nelson Chukwudi, with agency reports