| Oil Prices Rise Back |
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| Wednesday, 21 April 2010 09:18 | |||||||
Page 1 of 2 LONDON
- Oil prices rose back above 85 dollars on Tuesday as the market saw
the news about a new financial investigation into Goldman Sachs, an
increase in jet fuel demand and positive U.S. earnings.
Brent North Sea crude oil for June delivery rose 98 cents to 85.21 dollars per barrel in late London trading. New York's main contract, light sweet crude for May delivery, jumped 1.76 dollars to 83.21 dollars. Oil prices fell on Monday, closed down nearly two dollars, amid concerns over allegations of fraud against the icons of Wall Street Goldman Sachs and closing European airports because of volcanic ash from the volcano, Iceland, traders said. "The action happens in the market selling for Goldman accusations quite excessive," said Clarence Chu, an oil trader Hudson Capital Energy. Chu says the stock market rebound in oil prices along with them interesting. However, prices could see a drop this week for a guarantee of supply and slow demand hit the market, he told AFP. UK financial regulator launched a formal investigation into Wall Street giant Goldman Sachs on Tuesday in connection with fraud charges filed by the U.S. against the bank last week. In reaction, Goldman vowed to cooperate with British investigators following the U.S. fraud charges longer regarded as "unfounded." Several hours after the announcement of the FSA, the United States investment companies are being attacked booked first-quarter profit jump of 3.46 billion dollars (2.56 billion euros). "Crude oil prices climbed higher (Tuesday) because the energy market appears to have been digesting the concerns of Goldman Sachs," said Sucden analyst with Financial Research, Myrto Sokou. | Antaranews.com | tenderoffer.biz |
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