Crude holds above US$82
NEW YORK, United States – Oil prices were steady yesterday, holding above US$82 a barrel as a report on consumer confidence turned out better than expected.
Benchmark crude for May delivery rose 20 cents to settle at US$82.37 a barrel on the New York Mercantile Exchange. In London, Brent crude added 11 cents to settle at US$81.28 on the ICE futures exchange.
Crude prices have stabilized after a raucous 2008, when a barrel of oil soared above US$147 in the summer and then tumbled below US$33 in the winter. Oil has wavered between US$70 and US$80 a barrel for the past several months.
That trend will likely continue without any major news about the economy’s recovery, analysts said.
A number of big investors like Bank of America Merrill Lynch think oil will eventually push above US$90 a barrel later this year. Other economists and analysts see oil holding steady, saying huge global supplies and tepid demand will continue to keep prices where they are.
