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The oil prices rose
The oil prices rose for fourth consecutive day when positive US economic data indicated that a better oil demand is ahead and prompted that fund buying as the new quarter began. Richard Ilczyszyn, senior market strategist at Lind-Waldock in Chicago said: "This looks like a short-covering rally ... traders don't want to go home with a lot of shorts, knowing the important jobs data will be released, when the energy markets are closed."
Eugen Weinberg, head of commodities research at Commerzbank in Frankfurt said: "Upward momentum is very strong. Money is flowing into commodities at the beginning of the new quarter from all sorts of investors, including funds."
Crude oil for May delivery settled up $1.11 at $84.87 a barrel on the New York Mercantile Exchange.
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