Crude rises in optimistic market

The front-month crude contract for North Sea Brent climbed through most of August from $104.92/bbl July 31 to as high as $116.90/bbl Aug. 16, hovering around $114/bbl through Aug. 24 as market optimism for solution of the Euro-zone financial crisis and increased demand “prevailed over hard facts and past experience,” said analysts at the Centre for Global Energy Studies, London.

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