Crude ends quarter at 17-month high

04/12/2010
The front-month contract for benchmark US light, sweet crudes closed at a 17-month of $83.76/bbl Mar. 31 on the New York Mercantile Exchange on a weaker dollar and momentum from earlier gains. It pushed even higher Apr. 1 to $84.87/bbl on indications of economic recovery, up for the fourth consecutive session.Olivier Jakob at Petromatrix, Zug, Switzerland, said, "West Texas Intermediate is trying to be priced at the same level as in early 2008, but back then we were at multiyear lows in terms of unemployment while today we are at a multiyear high in unemployment. It will take many months of very strong job growth to reverse the job losses of 2009, and that will not be done by the sum...
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