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Oil settles lower, ending brief rally
Source: Agencies |
March 10, 2010, Wednesday
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OIL prices trimmed some early losses, but still ended lower yesterday, after rising steadily since the end of last week.
Benchmark crude for April delivery lost 38 cents to settle at US$81.49 per barrel on the New York Mercantile Exchange. Earlier, oil dropped as low as US$80.16.
Tradition Energy analyst Addison Armstrong said the dollar strengthened against the euro ahead of talks between President Barack Obama and Prime Minister George Papandreou of Greece, which has been reeling from financial turmoil.
Phil Flynn of PFGBest said reports that China may stop tying its currency to the dollar gave a boost to the greenback as well, "helping to bring inflated oil back down to earth."
A stronger dollar makes crude more expensive for investors holding foreign currencies.
The Energy Information Administration's monthly Short-Term Energy Outlook released yesterday continued to offer a relatively stable outlook for oil and gasoline prices this year. EIA sees the national average for gasoline rising above US$3 per gallon this spring and summer. Oil is expected to average about US$80 a barrel this spring, rising to US$82 by the end of the year.
On Wednesday EIA will report weekly petroleum inventory data. Analysts expect a sixth consecutive increase in the nation's crude stockpiles.
In other Nymex trading, heating oil fell 1.57 cents to settle at US$2.0898 a gallon, and gasoline dropped 2.89 cents to settle at US$2.2603 a gallon. Natural gas lost 1.1 cents to settle at US$4.516 per 1,000 cubic feet.
In London, Brent crude was down 56 cents to settle at US$79.91 on the ICE futures exchange.
Benchmark crude for April delivery lost 38 cents to settle at US$81.49 per barrel on the New York Mercantile Exchange. Earlier, oil dropped as low as US$80.16.
Tradition Energy analyst Addison Armstrong said the dollar strengthened against the euro ahead of talks between President Barack Obama and Prime Minister George Papandreou of Greece, which has been reeling from financial turmoil.
Phil Flynn of PFGBest said reports that China may stop tying its currency to the dollar gave a boost to the greenback as well, "helping to bring inflated oil back down to earth."
A stronger dollar makes crude more expensive for investors holding foreign currencies.
The Energy Information Administration's monthly Short-Term Energy Outlook released yesterday continued to offer a relatively stable outlook for oil and gasoline prices this year. EIA sees the national average for gasoline rising above US$3 per gallon this spring and summer. Oil is expected to average about US$80 a barrel this spring, rising to US$82 by the end of the year.
On Wednesday EIA will report weekly petroleum inventory data. Analysts expect a sixth consecutive increase in the nation's crude stockpiles.
In other Nymex trading, heating oil fell 1.57 cents to settle at US$2.0898 a gallon, and gasoline dropped 2.89 cents to settle at US$2.2603 a gallon. Natural gas lost 1.1 cents to settle at US$4.516 per 1,000 cubic feet.
In London, Brent crude was down 56 cents to settle at US$79.91 on the ICE futures exchange.
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