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Oil rises as dollar weakens
Source: Agencies |
January 26, 2010, Tuesday
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OIL prices rose above US$75 a barrel yesterday, on the effects of a weaker dollar and a rallying stock market.
Benchmark crude for March delivery rose 72 cents to settle at US$75.26 a barrel on the New York Mercantile Exchange.
U.S. stocks were recovering yesterday from last week's bruising as prospects brightened that Federal Reserve Board Chairman Ben Bernanke would be appointed to another term.
The stock market wobbled briefly but then steadied itself after a report that sales of previously occupied homes fell sharply in December. The Dow Jones industrial average rose 62 points, or 0.6 percent, to 10,232 in late afternoon trading.
A weaker dollar also helped the rebound in oil prices, making crude cheaper for investors holding strengthening currencies.
The 16-nation euro rose to US$1.4158 in late New York trading yesterday, up from US$1.4138 late Friday. But the dollar rose to 90.29 Japanese yen from 89.85 yen.
JBC Energy in Vienna pointed to a report about oil export disruptions in Mexico caused by bad weather - which led to the close of one of the country's three export terminals - as another bullish factor for oil prices on yesterday.
In other Nymex trading in March contracts, heating oil gained 2.42 cents to settle at US$1.9658 a gallon. For February contracts, gasoline added 3.51 cents to settle at US$2.0008 a gallon, while natural gas futures lost 9.7 cents to settle at US$5.722 per 1,000 cubic feet.
In London, Brent crude for March delivery rose 86 cents to settle at US$73.69 a barrel on the ICE Futures exchange.
Benchmark crude for March delivery rose 72 cents to settle at US$75.26 a barrel on the New York Mercantile Exchange.
U.S. stocks were recovering yesterday from last week's bruising as prospects brightened that Federal Reserve Board Chairman Ben Bernanke would be appointed to another term.
The stock market wobbled briefly but then steadied itself after a report that sales of previously occupied homes fell sharply in December. The Dow Jones industrial average rose 62 points, or 0.6 percent, to 10,232 in late afternoon trading.
A weaker dollar also helped the rebound in oil prices, making crude cheaper for investors holding strengthening currencies.
The 16-nation euro rose to US$1.4158 in late New York trading yesterday, up from US$1.4138 late Friday. But the dollar rose to 90.29 Japanese yen from 89.85 yen.
JBC Energy in Vienna pointed to a report about oil export disruptions in Mexico caused by bad weather - which led to the close of one of the country's three export terminals - as another bullish factor for oil prices on yesterday.
In other Nymex trading in March contracts, heating oil gained 2.42 cents to settle at US$1.9658 a gallon. For February contracts, gasoline added 3.51 cents to settle at US$2.0008 a gallon, while natural gas futures lost 9.7 cents to settle at US$5.722 per 1,000 cubic feet.
In London, Brent crude for March delivery rose 86 cents to settle at US$73.69 a barrel on the ICE Futures exchange.
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