May 7 (Bloomberg) -- Crude oil rose to the highest close since November on speculation that the worst of the recession is over and that fuel consumption will rebound.
Prices gained as Treasury Secretary Timothy Geithner said a report today will show a “reassuring” picture of the U.S. banking system. Oil retreated from the day’s high after equities fell. A government report yesterday showed that oil supplies climbed to a level not seen since 1990 as fuel use tumbled.
“There’s a lot more positive sentiment, although it hasn’t shown up in any of the demand numbers yet,” said Chip Hodge, who oversees a $9 billion natural-resource-company bond portfolio as managing director at MFC Global Investment Management in Boston. “This is a great example of the importance of psychology to all markets.”
Crude oil for June delivery rose 37 cents, or 0.7 percent, to $56.71 a barrel at the 2:56 p.m. on the New York Mercantile Exchange, the highest settlement since Nov. 14. Oil fell as low as $55.46 at 2:18 p.m. as stock markets declined. Prices have gained 6.6 percent this week and are up 27 percent this year. more...
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