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Oil hits US$110 as traders eye dollar, economy
Source: Agencies |
April 16, 2011, Saturday
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OIL resumed its climb yesterday after fluctuating this week amid uncertainty about how much higher it could go.
Benchmark West Texas Intermediate crude for May delivery rose US$1.55 to settle at US$109.66 per barrel on the New York Mercantile Exchange. At one point it rose to US$110.10.
In London, Brent crude added US$1.45 to settle at US$123.45 per barrel on the ICE Futures exchange.
Experts say crude could remain in a holding pattern while the market awaits further evidence about how consumers are handling higher prices.
This week, benchmark crude has mostly moved against the dollar. Oil, which is traded in dollars, tends to rise when the dollar weakens and makes crude barrels cheaper for investors holding foreign currency. It tends to fall when the greenback moves in the opposite direction.
The dollar was mixed against other currencies yesterday after US economic reports showed very modest inflation and an increase in factory production.
In other Nymex trading for May contracts, heating oil rose 3.52 cents to settle at US$3.2242 per gallon and gasoline gained 5.45 cents to settle at US$3.2892 per gallon. Natural gas gave up 0.8 cent to settle at US$4.204 per 1,000 cubic feet.
Benchmark West Texas Intermediate crude for May delivery rose US$1.55 to settle at US$109.66 per barrel on the New York Mercantile Exchange. At one point it rose to US$110.10.
In London, Brent crude added US$1.45 to settle at US$123.45 per barrel on the ICE Futures exchange.
Experts say crude could remain in a holding pattern while the market awaits further evidence about how consumers are handling higher prices.
This week, benchmark crude has mostly moved against the dollar. Oil, which is traded in dollars, tends to rise when the dollar weakens and makes crude barrels cheaper for investors holding foreign currency. It tends to fall when the greenback moves in the opposite direction.
The dollar was mixed against other currencies yesterday after US economic reports showed very modest inflation and an increase in factory production.
In other Nymex trading for May contracts, heating oil rose 3.52 cents to settle at US$3.2242 per gallon and gasoline gained 5.45 cents to settle at US$3.2892 per gallon. Natural gas gave up 0.8 cent to settle at US$4.204 per 1,000 cubic feet.
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