Oil prices jumped Friday to a new high for the year after Federal Reserve Chairman Ben Bernanke said that the U.S. economy is nearing a recovery and other economic data backed him up. Benchmark crude for October delivery surged $1.81 to $74.72 after Bernanke spoke at an annual Fed conference in Jackson Hole, Wyo. By midday, oil was trading at $73.91, topping the previous annual high of $73.23 set on June 11. Oil started climbing early in the morning after financial information company Markit said its composite purchasing managers’ index showed the European economy was stabilizing…..Complete Story
I never thought of it that way, well put!