Reply #2: Oil above $85 on signs US economy improving

[ozymandius]

SINGAPORE – Oil prices climbed above $85 a barrel Monday in Asia as growing investor optimism about the U.S. economy boosted equity and commodity prices.

Benchmark crude for May delivery was up 44 cents to $85.56 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract rose $1.42 to settle at $85.12 on Friday. ...

Despite growing corporate earnings, the unemployment rate remains high and U.S. crude demand hasn't yet recovered strongly.

In other Nymex trading in May contracts, heating oil rose 1.30 cents to $2.264 a gallon, and gasoline increased 1.24 cents to $2.366 a gallon. Natural gas jumped 5.0 cents to $4.307 per 1,000 cubic feet.

http://news.yahoo.com/s/ap/oil_prices

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There is that stupid old notion again. Sentiment equates stock markets with the real economy. Just plain dumb.