Crude Rises to 2-Week High on Improved Growth Outlook

WTI Crude oil rose to as high as 89.97 before settling at 89.82 yesterday amid expectations that better global economic prospect would spur oil demand. API's report after market close showed another week of draw in crude stockpiles kept prices supported. The front-month contract broke briefly above 90, the first time since December 7, in Asian session today. Strong growth in Japan's exports signaled the country's recovery continued despite appreciation in Japanese yen. Gold edged higher in thin trade in the face of decline in the euro. Moody's warning of downgrading Portugal's credit rating reminded the market of debt concerns in the periphery.

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Crude Rises to 2-Week High on Improved Growth Outlook