China Financial Daily

Crude oil prices hit six-month high, to encourage consumer confidence data
New York, May 26 (Xinhua) – Crude oil prices hit six-month high after a report Tuesday showed that U.S. consumer confidence index rose to its highest level since September.

The Conference Board, New York-based research group said Tuesday that U.S. consumer confidence index in May rose to 54.9, more than expected, its highest level since September, suggesting that demand may be strong.

At the same time, Saudi Oil Minister Ali al – Naimi told reporters in Vienna on Tuesday, he hoped that oil demand will resume in the second half of 2008, took note of a slight “up” the fuel consumption, which also supported the market.

The same day, July crude oil futures rose 78 cents, or 1.3 points to close at 62.45 U.S. dollars a barrel on the New York Mercantile Exchange. London, July Brent Clearing up 1.03 U.S. dollars, or 1.7 points, to close at 61.24 U.S. dollars.

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