Puzzling some analysts, the price crude hit $74.15, the highest it has been since October.
From Aaron Smith, CNN Money:
NEW YORK (CNNMoney.com) -- Oil prices soared on Friday to their highest level since October as investors grow hopeful that a recovery of the world economy is in sight.
On Friday, the price of oil for October delivery rose as high as $74.15, after settling the day before at $72.42. The price of oil hasn't traded that high since Oct. 20, 2008, when it reached an intra-day peak of $76.12.
All told, oil has surged by two-thirds this year after closing out 2008 at $44.60 per barrel. If the crude prices end the day above the June 11 close of $72.68 a barrel, that would put them at the highest level since Oct. 20, 2008, when prices settled at $74.25 a barrel.
