The oil price has hit a new high for 2009, breaking through the US$56 mark on the back of inventory data from the US.
As the US warms up for the summer driving season it is stockpiling less crude. The price has also been marginally affected by the reported threat of a swine flu pandemic, which has made markets more price sensitive.
The price has been approaching these highs for the last five days, during which the Offshore Technology Conference has been taking place in Houston. Despite the global economic mood, attendance at this key offshore oil event has been better than expected and has surpassed 2008 levels
Â
