Oil Nears $54 On Indications Of Overseas Demand

By: Associated Press Email
By: Associated Press Email

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Monday, May 4, 2009

Signs of increasing energy demand in China, the world's second largest consumer, lifted oil to near $54 a barrel Monday. Still, concerns over the state of the economic recovery and the spread of the H1N1 flu continue to hold prices in check.

Benchmark crude for June delivery gained 37 cents to $53.57 a barrel on the New York Mercantile Exchange.

Last summer, strong demand from countries like China and India were blamed for sending prices at the pump to $4.

China's latest monthly survey of purchasing managers rose 1.1 to 53.5 in April, according to the government-sanctioned China Federation of Logistics and Purchasing.

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