Oil Price Increase 9%

Oil price increase 9% after global stock market rally in last few days and US crude oil level report showed unexpected shortening. Light sweet oil in New York Mercantile Exchange (NYME) closed increase 3.73 dollar at 45,38 US$ per barrel which was the highest level in last 6 weeks. Meanwhile, Brent oil in ICE Future Exchange in London closed 46,12 dollar or 5.54% increase.

US Depatment of Energy (DOE) said crude oil reserve decrease 700.000 barrel or 0.2 percent became 350.6 million barrel last week. Beside, analyzers predicted oil reserve would be increase 2.2 million barrel. Oil price would not increase without revival signal of global economic. Oil price increasing was also affected by China's bail out plan in their economic. This plan look alike a booster for global stock market.

Jakarta composite index (JCI) was closed decrease 1.306 point to 1288.074 today after increasing in 1.9% on monday closing. The incresing previous day was caused by decreasing BI rate to 7.75% and bounced finance sector.