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Oil settles at US$80
Source: Agencies |
March 27, 2010, Saturday
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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.
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