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Oil gains little ground on weaker dollar
Source: Agencies |
March 23, 2010, Tuesday
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OIL prices rose, settling above US$81 a barrel yesterday, as the dollar erased gains, helping some commodities reverse losses. A stock market rally in drug makers and hospital operators shares also was a contributing factor.
The April contract, which expires yesterday, rose 57 cents to settle at US$81.25 a barrel on the New York Mercantile Exchange. Most of the trading moved to the May contract, which added 63 cents to settle at US$81.60.
Oil has bounced between US$70 and US$85 for most of the last nine months as the global economy recovers from last year's recession. Crude jumped to US$83 a barrel last week from US$69 early last month on expectations consumer demand will begin to pick up, but U.S. oil inventories have continued to grow in recent weeks.
Crude demand from China, the world's second-largest oil consumer, soared 17 percent in February from a year earlier, according to analysis by Platts, the energy information arm of McGraw-Hill Cos.
Prices this year have also been supported by low interest rates and investors using commodities such as oil as an asset class.
The dollar was stronger early yesterday because investors sought out safe-haven investments due to Greece's lingering debt problems.
But the dollar erased gains and stocks climbed later in the day, with the U.S. health-care sector rising the most, on the belief that the passage of an overhaul bill that would extend insurance to millions of Americans would translate into more insured customers for hospitals and pharmaceutical firms.
In other Nymex trading in April contracts, heating oil rose 0.7 cent to settle at US$2.0837 a gallon, and gasoline gained 0.06 cent to settle at US$2.2562 a gallon. Natural gas slid 9 cents to settle at US$4.079 per 1,000 cubic feet. Earlier, natural gas hit a 52-week low at US$4.036
In London, Brent crude rose 66 cents to settle at US$80.54 on the ICE futures exchange.
The April contract, which expires yesterday, rose 57 cents to settle at US$81.25 a barrel on the New York Mercantile Exchange. Most of the trading moved to the May contract, which added 63 cents to settle at US$81.60.
Oil has bounced between US$70 and US$85 for most of the last nine months as the global economy recovers from last year's recession. Crude jumped to US$83 a barrel last week from US$69 early last month on expectations consumer demand will begin to pick up, but U.S. oil inventories have continued to grow in recent weeks.
Crude demand from China, the world's second-largest oil consumer, soared 17 percent in February from a year earlier, according to analysis by Platts, the energy information arm of McGraw-Hill Cos.
Prices this year have also been supported by low interest rates and investors using commodities such as oil as an asset class.
The dollar was stronger early yesterday because investors sought out safe-haven investments due to Greece's lingering debt problems.
But the dollar erased gains and stocks climbed later in the day, with the U.S. health-care sector rising the most, on the belief that the passage of an overhaul bill that would extend insurance to millions of Americans would translate into more insured customers for hospitals and pharmaceutical firms.
In other Nymex trading in April contracts, heating oil rose 0.7 cent to settle at US$2.0837 a gallon, and gasoline gained 0.06 cent to settle at US$2.2562 a gallon. Natural gas slid 9 cents to settle at US$4.079 per 1,000 cubic feet. Earlier, natural gas hit a 52-week low at US$4.036
In London, Brent crude rose 66 cents to settle at US$80.54 on the ICE futures exchange.
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