WKYT | Lexington, Kentucky | News

Oil Rises Above $40 a Barrel

VIENNA (AP) - Oil is back above $40 a barrel.
The rising prices during European trading come amid improved
confidence in financial markets. And that confidence, in turn, has
been helped along by reports that the U.S. government may increase
its ownership in Citigroup.
Oil prices have recently followed equity markets as an indicator
of confidence in the global economy.
But analysts believe any increase in confidence may only be
temporary. They say economic and corporate data are still weak, and
that demand for oil may fall further.
Reductions in output by OPEC countries are also helping to prop
up prices, which fell as low as $35 a barrel last week.


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