The crude oil prices always reflect the state of the global economy faster than any other commodity because of it’s extensive use in every day life by almost every human being in the world.
The crude oil prices have now moved past the 83 dollars mark few days back, on the back of strong economic data from US and also from China and India. The US economy is now expected to slowly reverse the job losses which in turn could propel the economy to better days in the months ahead.
This has pushed up the crude oil prices from 73 dollars three weeks back to 83 dollars now.