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Benchmark crude holds above US$82
Source: Agencies |
March 31, 2010, Wednesday
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OIL prices were steady yesterday, holding above US$82 a barrel as a report on consumer confidence turned out better than expected.
Benchmark crude for May delivery rose 20 cents to settle at US$82.37 a barrel on the New York Mercantile Exchange. In London, Brent crude added 11 cents to settle at US$81.28 on the ICE futures exchange.
Crude prices have stabilized after a raucous 2008, when a barrel of oil soared above US$147 in the summer and then tumbled below US$33 in the winter. Oil has wavered between US$70 and US$80 a barrel for the past several months.
That trend will likely continue without any major news about the economy's recovery, analysts said.
A number of big investors like Bank of America Merrill Lynch think oil will eventually push above US$90 a barrel later this year. Other economists and analysts see oil holding steady, saying huge global supplies and tepid demand will continue to keep prices where they are.
One of the major issues driving energy trading this year is the challenge of pinpointing consumer demand. U.S. fuel consumption has grown slowly this year, but economists disagree about how much of that is due to huge government stimulus spending.
"We've never seen a world being pumped up with this kind of stimulus," analyst Phil Flynn said. "You've got all these signs that things are getting better economically, but we really don't know the endgame."
Flynn said oil will probably stay in its current range without any major economic developments. A military conflagration in Iran would certainly push oil prices higher, he said. On the other hand, oil prices could tumble if the Federal Reserve raises interest rates.
Oil got a lift yesterday from the Conference Board's Consumer Confidence Index, which showed that Americans' confidence in the economy rebounded in March. Also, home prices in January showed the smallest annual decline in almost three years, according to the Standard & Poor's/Case-Shiller index.
In other Nymex trading in April contracts, heating oil rose less than a penny to settle at US$2.1247 a gallon and gasoline gained 1.34 cents to settle at US$2.2747 a gallon. With the April contracts scheduled to end trading Wednesday, most investors already have switched to the May contracts for heating oil and gasoline futures. The May contracts for heating oil and gas futures both added less than a penny to settle at US$2.1316 a gallon and US$2.2721 a gallon, respectively.
Natural gas for May delivery rose 5.7 cents to settle at US$3.973 per 1,000 cubic feet.
Benchmark crude for May delivery rose 20 cents to settle at US$82.37 a barrel on the New York Mercantile Exchange. In London, Brent crude added 11 cents to settle at US$81.28 on the ICE futures exchange.
Crude prices have stabilized after a raucous 2008, when a barrel of oil soared above US$147 in the summer and then tumbled below US$33 in the winter. Oil has wavered between US$70 and US$80 a barrel for the past several months.
That trend will likely continue without any major news about the economy's recovery, analysts said.
A number of big investors like Bank of America Merrill Lynch think oil will eventually push above US$90 a barrel later this year. Other economists and analysts see oil holding steady, saying huge global supplies and tepid demand will continue to keep prices where they are.
One of the major issues driving energy trading this year is the challenge of pinpointing consumer demand. U.S. fuel consumption has grown slowly this year, but economists disagree about how much of that is due to huge government stimulus spending.
"We've never seen a world being pumped up with this kind of stimulus," analyst Phil Flynn said. "You've got all these signs that things are getting better economically, but we really don't know the endgame."
Flynn said oil will probably stay in its current range without any major economic developments. A military conflagration in Iran would certainly push oil prices higher, he said. On the other hand, oil prices could tumble if the Federal Reserve raises interest rates.
Oil got a lift yesterday from the Conference Board's Consumer Confidence Index, which showed that Americans' confidence in the economy rebounded in March. Also, home prices in January showed the smallest annual decline in almost three years, according to the Standard & Poor's/Case-Shiller index.
In other Nymex trading in April contracts, heating oil rose less than a penny to settle at US$2.1247 a gallon and gasoline gained 1.34 cents to settle at US$2.2747 a gallon. With the April contracts scheduled to end trading Wednesday, most investors already have switched to the May contracts for heating oil and gasoline futures. The May contracts for heating oil and gas futures both added less than a penny to settle at US$2.1316 a gallon and US$2.2721 a gallon, respectively.
Natural gas for May delivery rose 5.7 cents to settle at US$3.973 per 1,000 cubic feet.
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