Breaking News from energyhelpline.com: the gas & electricity switching service that compares all energy suppliers: Oil price increases amid growing world market - 05/05/2009

The price of oil increased yesterday (May 4th) in conjunction with a more positive day on Wall Street in the US, which has raised hopes for a recovery in the global economy.

Energy suppliers will no doubt be paying close attention to the fact that light sweet crude finished at $54.47 (£36.09) per barrel, which was up by $1.27 from the price on May 1st.

This was mirrored by a strong day for Wall Street, buoyed by a positive report on the prospects of the Chinese manufacturing industry, as well as promising US housing figures.

Speaking to Reuters, analysts at Charles Schwab and Co suggested this is furthering the "argument that the worst of the global recession may be in the rear view mirror".

It hoped that the growth in oil prices will signal resurgence in the world's economy after the recent period of instability and downturn.

As Ben Westmore, energy analyst with the National Australia Bank, pointed out to the news agency: "At the moment, oil markets and equity markets are very closely related."

In other news, Gulf of Mexico oil production has been predicted to peak at 1.8 million barrels per day by 2013, reports the Houston Chronicle.

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