Oil price

A turning tide?
May 13th 2009
From Economist.com

The oil price rises amid hints of economic recovery


THE price of oil reached over $60 a barrel during intraday trading on Wednesday May 13th, its highest point since November. Glimmers of economic recovery, such as an increase in imports from China, together with a weak dollar and tight supply forecasts have pushed up the prices of many commodities. Coffee, sugar and wheat have all hit modest peaks this week. Exporters of commodities would welcome an upturn in prices for food and other raw materials and those worried by deflation might also cheer rising prices. But consumers already battered by the economic slump, especially in poor countries, will not be pleased by rising costs.