Crude touches new high of $117/bbl

Crude touched a new high of USD117/bbl. The factors leading to this rate may be the good earnings signal that is strengthening the economy, the rally in the dollar and the fears of an economic slowdown in China. Expected earnings results signaled a strengthening economy that may boost demand. Jitters over Nigerian oil supplies outweighed a rally in the dollar and fears of an economic slowdown in giant energy consumer, China. Prices rose 6 percent last week, the biggest weekly gain since February 2007. They are up 85 percent from a year ago.

In after hours access trading, crude is at USD 116.63/bbl