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| Version 1 | Version 2 |
|---|---|
| Oil prices reach seven month-high | Oil prices reach seven month-high |
| (39 minutes later) | |
| Oil continued its rally in recent weeks, rising above $67 for the first time since November on sustained hopes for a global economic recovery. | Oil continued its rally in recent weeks, rising above $67 for the first time since November on sustained hopes for a global economic recovery. |
| US light crude was trading $1.52 higher at $67.83 while Brent crude rose by $1.65 to $67.17. | US light crude was trading $1.52 higher at $67.83 while Brent crude rose by $1.65 to $67.17. |
| Gains in global stock markets and data showing modest growth in Chinese manufacturing appeared to be driving up prices in early trading. | Gains in global stock markets and data showing modest growth in Chinese manufacturing appeared to be driving up prices in early trading. |
| Oil prices climbed 30% in May, the largest monthly gain since 1999. | Oil prices climbed 30% in May, the largest monthly gain since 1999. |
| But oil is still trading well below the record high of $147 a barrel seen last July. | But oil is still trading well below the record high of $147 a barrel seen last July. |
| Warning | Warning |
| Some analysts fear that the oil market may be moving ahead of reality, and warn that prices could fall as investors face up to the reality of a glut of supplies and weak global demand. | |
| "Most of the commodity markets, the base metals as well as oil, have moved to factor in economic recovery," said David Moore, commodity strategist at Commonwealth Bank of Australia. | "Most of the commodity markets, the base metals as well as oil, have moved to factor in economic recovery," said David Moore, commodity strategist at Commonwealth Bank of Australia. |
| "There is a risk that if economic data does not continue to support this view of the world that markets become disappointed with the pace of economic recovery, leading to price setbacks." | "There is a risk that if economic data does not continue to support this view of the world that markets become disappointed with the pace of economic recovery, leading to price setbacks." |
| Last week, ministers from the Opec group of oil-producing countries said that they would keep output unchanged, with the Saudi oil minister Ali al-Naimi predicting prices will reach $75 this year. | Last week, ministers from the Opec group of oil-producing countries said that they would keep output unchanged, with the Saudi oil minister Ali al-Naimi predicting prices will reach $75 this year. |