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Oil above US$78 as financial stocks, euro gain
Source: Agencies |
June 26, 2010, Saturday
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Online Edition
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OIL prices ended the week higher, boosted by forecasts of a potential hurricane heading into the Gulf of Mexico next week. Big storms can disrupt operations on oil and gas platforms and at refineries on shore.
Benchmark crude for August delivery rose US$2.35 to settle at US$78.86 a barrel in on the New York Mercantile Exchange.
Crude followed the Nasdaq and the S&P 500 to higher ground as many financial stocks rose on relief that a banking overhaul bill is near. Congress and the White House agreed on new legislation to regulate banks trading in derivatives. The rules are not as strict as some thought they might be, taking a degree of uncertainty out of the markets.
Oil prices also got a boost as the euro rose against the dollar. Since oil is priced in dollars, it becomes more appealing to holders of foreign currency as the dollar weakens.
In other Nymex trading in July contracts, heating oil added 5.50 cents to settle at US$2.1122 a gallon, gasoline gained 7.43 cents to settle at US$2.1678 a gallon and natural gas picked up 11.3 cents to settle at US$4.861 per 1,000 cubic feet.
In London, Brent crude rose US$1.65 to settle at US$78.12 a barrel on the ICE futures exchange.
Benchmark crude for August delivery rose US$2.35 to settle at US$78.86 a barrel in on the New York Mercantile Exchange.
Crude followed the Nasdaq and the S&P 500 to higher ground as many financial stocks rose on relief that a banking overhaul bill is near. Congress and the White House agreed on new legislation to regulate banks trading in derivatives. The rules are not as strict as some thought they might be, taking a degree of uncertainty out of the markets.
Oil prices also got a boost as the euro rose against the dollar. Since oil is priced in dollars, it becomes more appealing to holders of foreign currency as the dollar weakens.
In other Nymex trading in July contracts, heating oil added 5.50 cents to settle at US$2.1122 a gallon, gasoline gained 7.43 cents to settle at US$2.1678 a gallon and natural gas picked up 11.3 cents to settle at US$4.861 per 1,000 cubic feet.
In London, Brent crude rose US$1.65 to settle at US$78.12 a barrel on the ICE futures exchange.
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