The price of oil has risen sharply after big rises in US stock markets fuelled cautious optimism about the global economic outlook. The price of US light crude rose $2.74, or 5.5%, to $52.12 a barrel. London Brent oil climbed $2.50 to $54.09. The price rises were sparked by a sharp rally on Wall Street, where shares jumped by 2.9%, and by better than expected sales by leading US retailers. Light trading in oil in the run up to Easter contributed to the sharp rise. “A lot of little things are giving investors hope that maybe the economy has seen the worst,” said Andrew Lebow at MF Global. One of the biggest banks in the US, Wells Fargo, announced on Thursday that it expected to report record profits of $3bn (£2bn) for the first quarter of this year. Also on Thursday, The International Council of Shopping Centers (ICSC) announced that retail sales in March had fallen by 2.1% compared with a year earlier, less than many analysts had expected. “People are buying oil when they see signs of economic hope,” said Phil Lynn at Alaron Trading.
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