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Oil prices rise to US$80
Source: Agencies |
February 25, 2010, Thursday
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CRUDE prices got a boost yesterday after U.S. stock markets rallied, giving investors hope that oil demand will pick up in the second half of the year on an improving economy.
Prices rose even though the Energy Information Administration reported that oil inventories rose by 3 million barrels last week and that supplies are still well above average for this time of year.
Benchmark crude for April delivery rose US$1.14 to settle at US$80 per barrel on the New York Mercantile Exchange. In London, Brent crude gained 84 cents to settle at US$78.09 on the ICE futures exchange.
Oil has bounced between US$70 a barrel and US$80 for most of the last six months as investors wait for signs that U.S. crude demand is catching up with an overall economic recovery.
High unemployment and lagging consumer confidence, the worst since 1974, continue to be a drag on the economy coming out of the Great Recession and are dampening demand for energy supplies.
Meanwhile, a nearly weeklong strike by French refinery workers that had threatened the country with a gasoline shortage ended yesterday after workers at all but one of the oil refining plants voted to halt their walkout.
Workers at five of oil giant Total SA's French refineries that had been striking since last week voted in separate ballots to go back to work. A sixth refinery, near Dunkirk in northern France, will remain shut until a scheduled meeting with management over the refinery's future on March 8.
In other Nymex trading in March contracts, gasoline added 3.33 cents to settle at US$2.0989 a gallon.
Heating oil prices for March delivery rose 0.98 cent yesterday to settle at US$2.0421 per gallon. Natural gas prices gained 3.8 cents to settle at US$4.816 per 1,000 cubic feet.
Prices rose even though the Energy Information Administration reported that oil inventories rose by 3 million barrels last week and that supplies are still well above average for this time of year.
Benchmark crude for April delivery rose US$1.14 to settle at US$80 per barrel on the New York Mercantile Exchange. In London, Brent crude gained 84 cents to settle at US$78.09 on the ICE futures exchange.
Oil has bounced between US$70 a barrel and US$80 for most of the last six months as investors wait for signs that U.S. crude demand is catching up with an overall economic recovery.
High unemployment and lagging consumer confidence, the worst since 1974, continue to be a drag on the economy coming out of the Great Recession and are dampening demand for energy supplies.
Meanwhile, a nearly weeklong strike by French refinery workers that had threatened the country with a gasoline shortage ended yesterday after workers at all but one of the oil refining plants voted to halt their walkout.
Workers at five of oil giant Total SA's French refineries that had been striking since last week voted in separate ballots to go back to work. A sixth refinery, near Dunkirk in northern France, will remain shut until a scheduled meeting with management over the refinery's future on March 8.
In other Nymex trading in March contracts, gasoline added 3.33 cents to settle at US$2.0989 a gallon.
Heating oil prices for March delivery rose 0.98 cent yesterday to settle at US$2.0421 per gallon. Natural gas prices gained 3.8 cents to settle at US$4.816 per 1,000 cubic feet.
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