NYMEX crude oil prices rise to $68 on brighter economic outlook

Crude oil prices rose Friday [24 Jul 2009], powered by optimism that the recession-stricken US economy is on the mend after a series of positive corporate earnings reports. NYMEX crude oil for Sep 2009 delivery, climbed 89 cents to close at $68.05 dollars a barrel. In London, Brent North Sea crude for Sep 2009 delivery increased 1.07 dollars to settle at $70.32. The rise in prices "was sharply buoyed by positive economic sentiment," and the upward trend is expected to persist, said Amrita Sen of Barclays Capital. Crude oil prices have gained nearly 10 dollars in New York over the past two weeks.

- And it's not just the green shoots or supposedly improving economic outlook. The live oil prices are affected by multiple simultaneous factors. While the economy obviously figures hugely, currency plays a part as well. In the past few sessions, the EUR/USD forex rate has been going up and this has conversely led to a drop in the USDX, falling as it is to around the 78 level, which is the next support level to watch. In terms of crude oil, the next resistance level is in the $75 area, which is the next resistance level to watch if it does decisively break above $70.

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