Oil prices rose to its highest level in 17 months Thursday (1/4/2010) local time, amid further signs that the global economic recovery will increase oil consumption.

In New York the price of a barrel of light sweet crude for May delivery rose to more than one U.S. dollar to 84.87 dollars in late trading Thursday, up from 83.76 dollars the previous day. During the trading price could rise above 85 dollars, its highest level since October 9, 2008. Brent North Sea crude oil for delivery may also reach the same height at 84.04 dollars, before retreating slightly to 83.96 U.S. dollars, up 1.26 U.S. dollars. "Data is good in the world has to offer a positive background," said Sucden analyst at Financial Research in a note to clients.

In the United States, the world's largest energy market, the manufacturing sector grew for the eighth consecutive month in March, and at a rate faster than expected. Institute for Supply Management said its index purchase (HDI) managers rose to 59.6 percent in March from 56.5 per cent in February, recorded the fastest rate since July 2004. "Dana (who) have been reported as out of the oil market recently has also been reported to re-enter the oil market today, at the beginning of a new quarter," said Sucden

Manufacturing in the euro zone also exceeded forecasts in March, reaching the highest 40 months because of IPM research group Markit rose 2.4 points to 56.6 points from February to March - the sixth consecutive month above the limit of 50 points.

There was also positive news from the manufacturing sector in China, the country's second largest oil consumer in the world, while Japan's Tankan survey showed a stable improvement of business confidence. Oil also rallied sharply on Wednesday, driven by a weaker U.S. dollar, before the ascension berries report showing U.S. crude inventories more than expected.

Investors look at prices driven up by increased demand from refiners, who tried to take advantage of market price. "Refinery, see the best margin for the year, is the ordering of crude oil during the period of weak seasonal demand to improve his running," JP Morgan analysts told clients.