Crude is again moving high now trading at 66$ odd levels. By touching these levels crude has now touched 7 months peak.
Prices rallied 30 percent in May, hitting their highest since early last November and giving OPEC enough hope about the outlook that it agreed to leave oil output levels unchanged at a meeting last week. – ET
Crude after hitting its life time high if 147.27$ per barrel wen as low as 30$ per barrel levels.
Main reasons why Crude is cheering :
- Rally in Equity Markets.
- High gains which are indicating stabilizing economy.