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Oil prices rise to settle above US$82
Source: Agencies |
March 11, 2010, Thursday
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OIL settled above US$82 yesterday after driving past US$83 briefly following a government report that showed U.S. crude oil supplies didn't grow as much as analysts expected last week.
Benchmark crude for April delivery rose 60 cents to settle at US$82.09 on the New York Mercantile Exchange.
The Energy Information Administration said crude inventories grew last week by 1.4 million barrels to 343 million barrels. Analysts expected a build of 2.1 million barrels, according to a survey by Platts, the energy information arm of McGraw-Hill Cos. The lower build raised hopes that demand might be picking up, although there's still a lot of oil on hand.
"There was nothing inherent in the report to justify buying up to US$83 per barrel," said oil analyst and trader Stephen Schork. He cautioned against focusing on one week of data which "doesn't mask the fact that we have seen enormous builds and smaller draws in the weeks prior to this."
Meanwhile OPEC said world oil demand should grow by 900,000 barrels per day this year, an upward revision from last month's forecast. OPEC said its forecast depends on a sustained global economic rebound, particularly in the U.S.
While oil prices have risen about 17 percent since early last month, crude demand in the U.S., the world's largest consumer of oil, has remained sluggish.
"We really have to look overseas for growth," said Andrew Lipow, president of Lipow Oil Associates. "Oil demand is increasing in the usual suspects like China and India, but it's also increasing throughout the Arabian Gulf and in Africa."
The dollar edged down slightly against the euro in afternoon trading. A weaker dollar makes crude cheaper for investors holding foreign currencies.
In other Nymex trading in April contracts, heating oil rose 2.64 cents to settle at US$2.1162 a gallon. Gasoline gained 2.48 cents to settle at US$2.2851 a gallon. Natural gas rose 4.3 cents to settle at US$4.559 per 1,000 cubic feet. Earlier, natural gas hit a 52-week low of US$4.450.
In London, Brent crude rose 57 cents to settle at US$80.48 on the ICE futures exchange.
Benchmark crude for April delivery rose 60 cents to settle at US$82.09 on the New York Mercantile Exchange.
The Energy Information Administration said crude inventories grew last week by 1.4 million barrels to 343 million barrels. Analysts expected a build of 2.1 million barrels, according to a survey by Platts, the energy information arm of McGraw-Hill Cos. The lower build raised hopes that demand might be picking up, although there's still a lot of oil on hand.
"There was nothing inherent in the report to justify buying up to US$83 per barrel," said oil analyst and trader Stephen Schork. He cautioned against focusing on one week of data which "doesn't mask the fact that we have seen enormous builds and smaller draws in the weeks prior to this."
Meanwhile OPEC said world oil demand should grow by 900,000 barrels per day this year, an upward revision from last month's forecast. OPEC said its forecast depends on a sustained global economic rebound, particularly in the U.S.
While oil prices have risen about 17 percent since early last month, crude demand in the U.S., the world's largest consumer of oil, has remained sluggish.
"We really have to look overseas for growth," said Andrew Lipow, president of Lipow Oil Associates. "Oil demand is increasing in the usual suspects like China and India, but it's also increasing throughout the Arabian Gulf and in Africa."
The dollar edged down slightly against the euro in afternoon trading. A weaker dollar makes crude cheaper for investors holding foreign currencies.
In other Nymex trading in April contracts, heating oil rose 2.64 cents to settle at US$2.1162 a gallon. Gasoline gained 2.48 cents to settle at US$2.2851 a gallon. Natural gas rose 4.3 cents to settle at US$4.559 per 1,000 cubic feet. Earlier, natural gas hit a 52-week low of US$4.450.
In London, Brent crude rose 57 cents to settle at US$80.48 on the ICE futures exchange.
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