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Crude prices rise as dollar weakens
Source: Agencies |
April 30, 2011, Saturday
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OIL got a boost from the weaker dollar yesterday, with benchmark crude for June delivery rising US$1.07 to settle at US$113.93 a barrel on the New York Mercantile Exchange.
The dollar hit a three-year low against major currencies. Since oil and other commodities are priced in dollars, they become more attractive to buyers with other currencies and prices rise.
In London, Brent crude rose 87 cents to settle at US$125.89 on the ICE Futures exchange.
On Nymex, heating oil rose 2.99 cents to settle at US$3.2758 per gallon, gasoline futures gained 2.88 cents to settle at US$3.3984 per gallon and natural gas rose 12.8 cents to settle at US$4.761 on the Nymex.
In the US, the average gas pump price rose to within a dime of US$4 a gallon yesterday, as weather-related refinery outages tightened supplies and pushed up prices.
A series of severe storms this week caused power outages that temporarily shut down seven refineries in Texas, Alabama and Pennsylvania. The shutdowns aren't expected to last more than a few days, but 750,000 to 1 million barrels a day of production has been interrupted, according to Tom Kloza, publisher and chief oil analyst at Oil Price Information Service.
The affected refineries mostly ship product to the Southeast, Midwest and Gulf Coast states, Kloza said. That's where motorists will probably see the biggest increases in pump prices over the next few days.
The dollar hit a three-year low against major currencies. Since oil and other commodities are priced in dollars, they become more attractive to buyers with other currencies and prices rise.
In London, Brent crude rose 87 cents to settle at US$125.89 on the ICE Futures exchange.
On Nymex, heating oil rose 2.99 cents to settle at US$3.2758 per gallon, gasoline futures gained 2.88 cents to settle at US$3.3984 per gallon and natural gas rose 12.8 cents to settle at US$4.761 on the Nymex.
In the US, the average gas pump price rose to within a dime of US$4 a gallon yesterday, as weather-related refinery outages tightened supplies and pushed up prices.
A series of severe storms this week caused power outages that temporarily shut down seven refineries in Texas, Alabama and Pennsylvania. The shutdowns aren't expected to last more than a few days, but 750,000 to 1 million barrels a day of production has been interrupted, according to Tom Kloza, publisher and chief oil analyst at Oil Price Information Service.
The affected refineries mostly ship product to the Southeast, Midwest and Gulf Coast states, Kloza said. That's where motorists will probably see the biggest increases in pump prices over the next few days.
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