Oil Tops $75 on Optimism About US Recovery

In recent, Oil Prices began to change rapidly; the Prices of Oil is fluctuating in Crude Future.
Crude Oil Last: 74.64 Go up: 0.22 %Change:+0.3%
Brent Crude Last: 73.29 Go up: 0.18 %change:+0.23%

Crude oil for March delivery climbed as much as $1.01, or 1.4 percent, to $75.44 a barrel in electronic trading on the New York Mercantile Exchange. It was at $74.70 at 1:50 p.m. Singapore time. Yesterday, the contract rose 2.1 percent to settle at $74.43, the biggest one-day increase since Jan. 4.

Brent crude oil for March settlement rose as much as $1.41, or 1.9 percent, to $74.52 a barrel on the London-based ICE Futures Europe exchange. It was at $73.36 at 1:51 p.m. Singapore time. Yesterday, the contract climbed 2.3 percent, the most since Jan. 4, to settle at $73.11.

Oil rose for a second day on Tuesday and accelerated gains after reaching $75 on optimism that the U.S. economy has turned the corner following strong manufacturing data for January.

U.S. crude for March delivery [CLC1 74.69 0.26 (+0.35%)] reached $75.44 a barrel, the highest
intraday price since Jan. 22, after prices touched $75, triggering automatic buy
orders.

It was trading up 53 cents at $74.95 at 0245 GMT, having rebounded by almost $3 from last week's 2010 lows.

London ICE Brent [LCOC1 73.35 0.24 (+0.33%)] gained 53 cents to $73.64.

"People are quite nervous around $75," said Tetsu Emori, a fund manager at Tokyo-based Astmax Co Ltd.


"There was short-covering after prices broke above that level. In the very short term, the market has been oversold, so some people see it as a good time to buy on dips below the $75-$80 range." ..."Demand for oil isn't really improving," Emori said. "We don't see any sign of real recovery. There is a huge amount of inventories in the physical markets."...
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