Oil Prices Back on The Rise

New York, NY, April 1, 2010--Oil futures rose Thursday above $84 a barrel, as strong manufacturing data from China and the euro zone boosted hopes of a speedy recovery in the global economy and energy demand.

Crude oil for May delivery gained 68 cents, or 0.8%, to $84.44 a barrel in electronic trading on Globex. Earlier, the contract hit an intraday high of $84.67 a barrel.

On Wednesday, oil prices settled at their highest level since October 2008, as a weaker dollar helped offset an increase in U.S. crude-oil inventories.

Economic data underpinned oil prices on Thursday. China's manufacturing activity accelerated in March, according to two industrial surveys.

Also, manufacturing activity across the 16-nation euro zone grew at its fastest pace since June 2006, according to the final Markit euro-zone manufacturing purchasing-managers index for March. See full story on euro-zone activity.