| Down Oil Prices Rise As Dollar |
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| Friday, 05 March 2010 08:35 | |||
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New
York - Oil prices fell on Thursday, pressured by the strengthening
dollar, fears of economic recovery and a decrease in natural gas
prices.
New York's main contract, crude oil light sweet for April delivery, fell 66 cents to close at 80.21 dollars per barrel. In London, crude Brent North Sea "for April lost 71 cents, settling at 78.54 dollars. "The dollar is very strong today," said Ellis Eckland, an independent analyst. The U.S. currency rose almost one percent against the euro is suffering because of continued concerns about the debt crisis of eurozone members Greece and doubts about the strength of economic recovery dipertinggi by disappointing U.S. data. Former U.S. home sales fell in January, while industrial orders rose less than expected, the figures are bent on the market's view of oil demand. Dollars "rebound" makes oil priced in "greenback" is more expensive for buyers using weaker currencies, weakening demand for crude oil prices hit. "The buyer brought the market, but the hopes and desires, fundamentally unstable," said Mike Fitzpatrick of MF Global. Fitzpatrick and other analysts predicted that the U.S. government reports that are anticipated on Friday, February unemployment situation will be worse than expected. "The number of work tomorrow, we fear, be disappointed," he said. "Hope for the loss of` just `50000-60000 job, it might be much more than that." Traders are also nervous because they are waiting for what they hope will become a real European initiative to help the paralyzed Greek debt crisis and the public deficit. The oil market also came under pressure from the natural gas market, where prices fell to a three-month lows after the stock fell less than expected. Benchmark oil futures contract of New York to return about half of the increase until Wednesday, when the oil price to record the highest closing since January 11 because most of the market driven U.S. Energy Department report on oil stocks. Crude oil reserves rose for the seventh week running in the week ended February 26, the DoE said, and the 4.1 million barrel increase four times higher than consensus estimates. But traders focused more sharply than expected decline in distillate, including diesel fuel and heating, which fell 800,000 barrels, and increased use of refinery after weeks off, to 81.9 percent capacity. In addition, demand for petroleum products, the four-week moving average, rose to 19.3 million barrels per day, up 3.0 percent from a year earlier. | Antaranews.com | tenderoffer.biz |
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