Oil climbs to five-month high at $83,33

Crude oil climbed to a five-month high of $83,33 yesterday, boosted by the prospect of a second round of US quantitative easing (QE2), which would support the economy of the world's largest oil consumer.

Oil also gained from yesterday's rise in equity prices, which have shown a significant positive correlation with oil this year.

Front-month US crude rose 51 cents yesterday to a five-month high of $83,33 a barrel, before slipping to a level 17 cents up on the day at $82,98 at 0925 GMT. (CLc1) ICE Brent rose five cents to $84,89.

Editor's Comment
Stakeholders must step up veggie supply

The Ministry of Agriculture, local producers, retailers, and industry associations must work together to overcome the obstacles hindering vegetable production and distribution.This collaborative approach is essential to improve the availability, quality, and affordability of vegetables in the market.Firstly, the Ministry of Agriculture should provide support and guidance to local farmers to enhance their productivity and efficiency. This could...

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