Oil hits 26-month high
Oil prices hit a 26-month high over $92 a barrel on Friday, closing the year up 15% on expectations that the economic recovery will drive demand growth next year and send prices into triple digits.
Strong growth from Asia, especially China, and a rebound in demand from recovering economies elsewhere fueled a four-month rally that knocked crude over the $70-$80 range it held for much of the year.
US crude oil futures surged to a 2010 high on Friday, settling up $1.54 a barrel at $91.38 a barrel, after touching $92.06, the highest level since Oct. 7, 2008. The settlement marked the largest end-year price since 2007. (Reuters)
