Crude oil prices hit 4-1/2-month high
NEW YORK (March 4, 2002) — Crude oil jumped to a 4 1/2-month high Friday on the strength of the expanding U.S. manufacturing economy.
Crude oil for April delivery rose 66 cents US, or 3%, to $22.40 US a barrel on the New York Mercantile Exchange, the highest closing price for a contract closest to expiration since Oct. 12.
The increase in coincides with a report that U.S. manufacturing grew in February for the first time in 19 months. Factories use about one-fourth of the products made from crude oil in the United States.
Prices gained 6.3% this week and have rallied 13% this year.
While crude oil demand may strengthen, the Organization of Petroleum Exporting Countries (OPEC) said it plans to leave its quotas unchanged for the rest of the year. OPEC has cut oil output four times in the past 14 months.
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