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Continuing the recent strong performance, crude oil futures in New York climbed past $ 81 a barrel.
NYMEX light, sweet crude futures rose 23 cents to $ 81.42, while ICE Brent in London moved 24 cents higher at $ 79.75.
This is a high light crude for us in 2009 and shows how the markets are growing increasingly confident with more signs of economic recovery now apparent.
The most recent event was the release of data pointing to stronger economic growth in China, increasingly regarded as the engine that will pull the global economy in recession.
Add in encouraging financial results from major companies such as McDonald 's, and a weakening dollar and commodity markets are inevitably going to look bullish.
The question is if it is not a blip and we could see a slowdown in the second, or if it represents a sustainable recovery?
Light, sweet crude U.S. hit 79 dollars per barrel today, continuing its strong soaring on the back of a dollar, growing optimism of a global economic recovery will crumble and good results from us companies.
The price of crude oil is now almost double the March 2009 low, breaking $ 79 before falling back later $ 78.23 in New York. Meanwhile, in London ICE Brent fell back to $ 77.96 per barrel.
These movements for crude seem strange considering that the United States still have relatively high stocks in its strategic reserve.
As we look out, what is likely to happen? Some analysts contend that this recent increase in price is based on solid fundamentals rather than optimism, because there is still unused capacity of refineries and margins are low, while the stocks of oil and fuel oil are in surplus.
Other raw materials also continue to move up strongly, with copper surging 4% today, while gold is touching $ 1,061 a Troy ounce, with many analysts predicting the yellow metal will reach $ 2,000 in a short time.
With a bulging US trade deficit and a growing debt burden to 12 billion dollars, the scene is set for a very low dollar and strengthen commodity prices including crude oil, gold, softs and industrial metals such as copper.
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