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| Dollar Weakens, Oil prices surge |
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| Friday, 30 July 2010 11:38 | |||||||
Page 1 of 2 New York - World oil prices surged in New York on Thursday local time, supported the weakening United States dollar and European data are positive.New York's main contract, light sweet crude for September delivery, rose 1.37 dollars to 78.36 dollars per barrel, its first gain in five sessions. Brent crude oil for delivery in North SeaLondon September rose 1.53 dollars to 77.59 dollar per barrel. Analysts said the weakening dollar prompted some buying because of the oil traded in U.S. currency, making commodities cheaper for holders of stronger units. Euro surged past 1.31 dollars mark on Thursday, the best showing since early May, amid reports the strengthening of confidence and improvement in the euro zone employment figures in Germany. The euro also attracted support from news of unexpected decline in first time U.S. jobless benefit claims, a report which monitored the investor to seek currency like the euro is seen as riskier than dollars. "Oil is responding to increased risk appetite (risk appetite) extensively," said analyst Bart Melek of BMO Capital Markets said. "After the stress test (endurance test) against European banks shows that they are not so bad as some had believed, we see a gradual increase in fear of the market," he said. "Sides in oil demand was looking pretty decent." New claims for U.S. unemployment benefits fell unexpectedly last week 457 000, down 2.4 percent from the previous week, Labor Department said Thursday. Jobless claims fell 11 000 in the week ended July 24, down substantially from the level estimated by analysts 464 000. "It's against our estimate for an increase," said Andrew Gledhill of Moody `s Economy.com. "We expect the new problems associated with seasonal for less (auto) plant closings brought more volatility." On Wednesday, oil prices fell sharply after the U.S. Energy Department said crude inventories jumped 7.3 million barrels last week in America America, showed slower demand in the world's largest economy. It was the strongest weekly increase since October 2008 and beat market expectations for a decline of 1.4 million barrels. Stocks of gasoline (petrol) rose 100,000 barrels, below expectations of analysts to build as many as 500,000 barrels, and distillates, which include heating oil and diesel, increased by 900 000 barrels, while analysts project an increase of 2.1 million barrels. Data coming in the proof of the weak growth in U.S. consumer confidence has weakened hopes for a strong economic recovery. (ANTARANews) www.tenderoffer.biz...
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