NEW YORK, May 29 (Xinhua) -- Oil prices rose for the
fifth trading day in a row on Friday as the U.S. dollar hit a five-month low
against the euro.
Crude prices have jumped around 30 percent this
month, the largest monthly rise since March 1999, boosted by expectations of a
global economic recovery later this year.
Light, sweet crude for July delivery rose 1.23
dollars, or 1.9 percent, to settle at 66.31 dollars a barrel on the New York
Mercantile Exchange, after touching 66.47 dollars, the highest since early
November.
On the foreign exchange market, the dollar weakened
beyond the 1.41 mark against the euro for the first time this year, making oil
an attractive investment alternative.
Meanwhile, some positive economic indicators in the
United States, Japan and India also boosted the oil market on Friday.
According to the U.S. Commerce Department, gross
domestic product shrank at a 5.7-percent annual rate during the first quarter,
better than an initial estimate of 6.1 percent.
In Asia, India reported a higher-than-expected
first-quarter growth of 5.8 percent while Japan's April industrial production
climbed 5.2 percent, faster than the 3.3 percent expected by economists, which
made investors think that the worst of the recession might have passed.
In London, Brent crude rose 1.13 dollars, or 1.7
percent, to settle at 65.52 dollars a barrel on the ICE Futures
Exchange.
Oil hits $65 on inventory
decline
NEW YORK, May 28 (Xinhua) -- Oil prices hit 65 U.S.
dollars on Thursday after the U.S. government reported a sharp decline in crude
inventories.
Light, sweet crude for July delivery rose 1.63 dollars, or
2.6 percent, to settle at 65.08 dollars a barrel on the New York Mercantile
Exchange, the highest settlement since early November.
OPEC keeps oil production quota
unchanged
VIENNA, May 28 (Xinhua) -- The 153rd Meeting of the
Conference of the Organization of the Petroleum Exporting Countries (OPEC)
decided on Thursday to keep its production quota unchanged.
The decision was made at the OPEC meeting in Vienna, as expected
previously.
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