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Oil prices soar

An overview of the ConocoPhillips oil refinery is seen in Rodeo, Calif., on March 5, 2010. Oil prices settled near US$82 a barrel Monday, extending gains from last week amid signs the global economy may be improving. Oil has soared 18 per cent since Feb. 5 as investors become more convinced a growing global economy will boost crude demand.
Conoco Phillips Refinery
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An overview of the ConocoPhillips oil refinery is seen in Rodeo, Calif., on March 5, 2010. Oil prices settled near US$82 a barrel Monday, extending gains from last week amid signs the global economy may be improving. Oil has soared 18 per cent since Feb. 5 as investors become more convinced a growing global economy will boost crude demand. Some analysts, however, said that the current rise in prices was driven by technical factors such as investors’ positions in the market, not a real rise in oil consumption.