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Oil price clears $86 on economic recovery hopes

The price of oil has reached an 18-month high on hopes of an economic recovery.
US crude oil futures rose by $1.77 to a peak of $86.64 at one stage, the highest level since October 2008, on the back of tentative signs that the global recession is easing faster than expected.
Monthly employment figures released by the US government last week showed the highest number of jobs created since March 2007, signalling that demand for fuel is likely to increase.
Oil well
US gas prices may rise following the increase in oil prices
The rise in oil prices could well be followed by a spike in the price of US gas, which could also impact world markets after the country's Energy Department revealed it had miscalculated production statistics.
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