Oil nears $54 on indications demand is up overseas

Signs of increasing energy demand in China, the world’s second largest consumer, pushed oil up to near $54 a barrel Monday, but concerns over the state of the economic recovery and the spread of the swine flu continue to hold prices in check.

Benchmark crude for June delivery gained 37 cents to $53.57 a barrel on the New York Mercantile Exchange after settling at $53.20 on Friday.

In the summer of 2008, surging demand from countries like China and India affected almost everyone’s pocketbook, with average prices at the pump hitting $4.
AP