20 May 2009, 18:19  Oil prices rise

The recent upward trend in crude oil prices could continue over the coming months as the global economy begins to recover from the effects of the recession, it has been claimed. Values reached new six-month highs of nearly $60 a barrel this week, having climbed from lows of less than $35 a barrel since the beginning of the year. The market has been boosted recently by a flurry of refinery problems in the US, where two plants were forced to slow production after being hit by fires. However, US energy secretary Steven Chu told Reuters that the anticipation of an eventual economic recovery could also be "part of the driver" behind the recent rise in crude oil prices, with this optimism likely to remain strong. "One thing is for certain: when the economy picks up, just based on supply and demand, the price will go up," he added.

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