Crude Oil hits new high for the year, near US$70 bbl on weak US$

Crude Oil prices set a new high for the year today, buoyed by a weaker US$, the first drop in unemployment numbers since January, and renewed expectations that Crude Oil will extend its rally this year.Benchmark Crude Oil for July delivery was plus US$3.35 to US$69.47bbl on the New York Mercantile Exchange. Crude Oil climbed as high as US$69.56 earlier in the day.

In London, Brent prices rose US$2.85 to US$68.73 bbl on the ICE Futures exchange.

Crude Oil prices on a three month rally, soared this week to their highest levels since November. Crude Oil now fetches nearly twice its February price on the expectation that the dismal U.S. economy could be stabilizing.