Market Overview

Crude Prices North Of $77 For Second Day

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Crude oil prices, which jumped 3.8% yesterday after economic reports indicated a recovery in the demand for crude, remained strong for the second consecutive day. The price crossed $77 per barrel today, reaching its highest level in almost two weeks.

Benchmark crude for March delivery, which had jumped more than $2 yesterday, was down $0.17 to $77.06 a barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. In other Nymex trading in March contracts, gasoline remained unchanged at $2.0186 a gallon, while heating oil fell 0.4 cents to $2.0276 a gallon. Natural gas also slipped 1.1 cents to $5.443 per 1,000 cubic feet.

In London, Brent crude was down $0.13 at $75.93 on the ICE futures exchange.

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