| Oil prices rise to highest 25-month |
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| Saturday, 04 December 2010 10:44 | |||||||
Page 1 of 2 New York - Oil prices in New York on Friday (Saturday morning GMT) rose to its highest level in more than two years, supported by the weakening dollar as investors put aside U.S. jobs data that is very disappointing.New York's main contract, light sweet crude for January delivery, rose 1.19 dollars to close at 89.19 dollars per barrel, the highest point since October 9, 2008. In London, Brent North Sea crude oil for January delivery rose 73 cents to settle at 91.42 dollars per barrel, also the highest level in more than two years. U.S. dollar continues to decline against other major currencies on Friday after data showing U.S. unemployment spike dampened hopes for a recovery in the economy and the world's biggest oil consumer. A weak greenback makes dollar-traded commodities more attractive to investors. Employment data come as a surprise to many analysts bleak after a series of positive data in recent days showed an increase in manufacturing and consumer confidence. "After a week of economic data to attract attention, this is a cold slap in the face," said analyst Phil Flynn of PFG Best. Anticipation of higher demand for oil in Europe due to struggling with a very cold weather that is not according to the season further increases in oil prices. (ANTARA-News/AFP)
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