It has been seen from today’s reports that according to the survey of the economists in U. S., from the third month in March the world’s largest oil user would show development in the service industries. On April 2, Venezuelan Oil Minister Rafael Ramirezs said that the oil prices have launched a floor of $75 a barrel.

“Still, we need time to see quite a strong economic recovery and prices may struggle above $87 without further evidence of growth”, said Ken Hasegawa, energy trading manager at broker Newedge in Tokyo. He also mentioned that the economic data indexes are improving and is maintaining crude oil prices.

The rise in May delivery for crude oil rose $1.02 or 1.2%. After, hours electronic trading on the New York Mercantile Exchange the price of a barrel came up to $85.89 and this was considered as the highest since October 9, 2008. At 10 a. m. in Tokyo the price was $85.76.

There was a rise by 84 cents or 1% in Brent crude oil for May settlement, to $84.85 on a barrel on the London based ICE Futures Europe exchange. Highest settlement was seen on April 1, when the contract rose 1.6% to 84.01.

On April 2, Government reports showed that there was an increased production by Russia which is the world’s second biggest oil exporter. It rose to 10.12 million barrels a day last month.