Oil rises amid hopes for US economy
Oil prices rose to near $53 a barrel yesterday as investors sought to ride the momentum from a two-month rally in crude prices on expectations that the US recession may be bottoming out.
Benchmark crude for May delivery was up 42 cents to $52.93 a barrel by midday in Europe in electronic trading on the New York Mercantile Exchange. The contract fell 13 cents on Friday to settle at $52.51.
In London, Brent prices rose 38 cents to $53.85 a barrel on the ICE Futures exchange.
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