Now that is funny in a painful sort of way. If they are suggesting 1% or 2% growth is a cornerstone for a global recovery, the analysts are completely nuts. The US is years away from significant growth and kicking consumers with higher gas prices will only hurt the feeble attempts to get back to reasonable growth numbers. Once again the industry analysts are pumping hot air, traders are hyping news to grab a few bucks and our "friends" in the oil countries are squeezing every last cent out of the industrialized world. What part of "there is no real growth coming for years" are they missing?
Oil extended a rally above $92 a barrel on Monday, spurred by expectations that a global economic recovery is gathering strength and as market bulls set their sights on $100 a barrel.
U.S. crude was trading 77 cents higher at $92.15 a barrel by 1108 GMT (6:08 a.m. ET), just off a session high of $92.20, its highest since October 2008. It settled at $91.38 on Friday, marking an annual gain of around 15 percent and the highest year-end price since 2007.
Brent was up $1.20 a barrel at $95.95, off an intraday peak of $96.04, also the highest since early October 2008.
