Related News
Oil settles at US$80
Source: Agencies |
March 27, 2010, Saturday
|
Online Edition
Online Edition
OIL prices changed course and fell yesterday after initially getting a boost from an EU agreement to help Greece reduce its massive debt mountain that translated into a weaker dollar.
The benchmark crude for May delivery fell 53 cents to settle at US$80 a barrel on the New York Mercantile Exchange. It traded as high as US$81.46 earlier in the day.
Crude has meandered in the low US$80s for about the last two weeks as investors look for signs global oil demand is growing. Plentiful supplies and soft demand have kept prices more or less stagnant for months, but that could change as the economic recovery picks up.
"Overall, U.S. oil demand is definitely improving, laying the foundations for a broad-based recovery ... notwithstanding the weakness in Europe," Barclays Capital said in a report. "Thus, we continue to see oil prices consolidating in the current US$75 to US$85 range and on course to gradually move higher to US$80 to US$90."
In other Nymex trading in April contracts, heating oil rose a fraction to settle at US$2.0697 a gallon, and gasoline lost 1.03 cents to settle at US$2.1975 a gallon. Natural gas gave up 10.9 cents to settle at US$3.981 per 1,000 cubic feet.
In London, Brent crude fell 32 cents to settle at US$79.29 on the ICE futures exchange.
The benchmark crude for May delivery fell 53 cents to settle at US$80 a barrel on the New York Mercantile Exchange. It traded as high as US$81.46 earlier in the day.
Crude has meandered in the low US$80s for about the last two weeks as investors look for signs global oil demand is growing. Plentiful supplies and soft demand have kept prices more or less stagnant for months, but that could change as the economic recovery picks up.
"Overall, U.S. oil demand is definitely improving, laying the foundations for a broad-based recovery ... notwithstanding the weakness in Europe," Barclays Capital said in a report. "Thus, we continue to see oil prices consolidating in the current US$75 to US$85 range and on course to gradually move higher to US$80 to US$90."
In other Nymex trading in April contracts, heating oil rose a fraction to settle at US$2.0697 a gallon, and gasoline lost 1.03 cents to settle at US$2.1975 a gallon. Natural gas gave up 10.9 cents to settle at US$3.981 per 1,000 cubic feet.
In London, Brent crude fell 32 cents to settle at US$79.29 on the ICE futures exchange.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
