| Oil Prices Rise As Dollar Down |
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| Thursday, 25 February 2010 09:23 | |||
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New
York - Oil prices jumped higher on Wednesday, fueled by a weakening
dollar and some elements bullis (excited) in the weekly reports the
U.S. government oil inventory.
As reported by AFP, the main futures of New York, light sweet crude for April delivery, rose 1.14 dollars to close at 80 dollars per barrel. Action decline nearly wiped out Tuesday after five consecutive sessions up. In London, oil, Brent North Sea crude for April delivery rose 84 cents to settle at 78.09 dollars per barrel. New York markets up with Wall Street after comments the Federal Reserve chairman Ben Bernanke helped weaken the dollar, making oil priced in dollars cheaper for buyers using stronger currencies. Bernanke, in a semi-annual report to Congress, signaled the U.S. central bank needs to maintain a range of key interest rates near zero federal funds for long periods because of the fragility of the recovery from recession. The Fed chairman told the House Financial Services Committee the U.S. declared that he saw the high unemployment stubborn, which would require the Fed to keep monetary policy stimulus. Markets also found a reason to buy amid reports weekly supply of oil the U.S. Department of Energy is varied. "U.S. weekly data released showed some indication of increased demand, although the overall inventory remains high," said Paul Horsnell at Barclays Capital. DoE said crude oil reserves jumped to three million barrels last week in the United States - the country's largest energy consumer in the world - gives the impression weak demand. But gasoline supplies fell unexpectedly 900,000, rather than increase the estimated 500,000 barrels of the market, supporting crude oil futures prices. "If the reflection of demand for gasoline in the United States persists, it may represent the beginning of the period of outperformance for more gasoline than other oil products for vehicle travel miles increased in both the United States and China market," said Nic Brown from Natixis. Traders are also tracking events in France, where workers in a refinery to end a strike that has caused the fuel pump dry, after winning concessions from the oil giant Total in a dispute over cuts sector. The total is the sixth largest oil company in the world based on sales and the largest companies in France based on market capitalization. Pump in hundreds of filling stations had run out of fuel during the strike a few days ago just because the family attacked the road to medium-term holidays. Total make formal agreements with trade unions that will not close or sell plants in France within five years - but does not include closing a factory in the heart of the strike, in Dunkirk, northern France. Dunkirk refinery refinery's fate is still to be decided at the working committee meeting on March 8, and the CGT union warned they may strike again on that date.|antaranews.com|tenderoffer.biz|
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