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Oil tops US$81 on economic data
Source: Agencies |
August 3, 2010, Tuesday
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OIL prices rose 3 percent yesterday on positive economic news and rallying stock markets around the world.
Crude futures jumped after positive reports on manufacturing in the U.S. and Europe indicated the global economy is continuing to recover. A rally in global stock markets also helped, as did weakness in the dollar.
Benchmark crude for September delivery rose US$2.39, or 3 percent, to settle at US$81.34 a barrel on the New York Mercantile Exchange.
Oil hit a high for the year of US$87.15 during trading on May 3.
Manufacturing remains a bright spot for the global economy. A report in the U.S. showed the sector grew for the 12th straight month while a report from Europe indicated the continent's economy continues to recover faster than expected.
Stock markets rallied on the news. Oil traders have been monitoring the markets for hints about consumer confidence. The Dow Jones industrial average rose 2 percent in afternoon trading.
Another factor that helped oil and other energy prices was a weaker dollar. Since commodities are priced in dollars, a weaker dollar makes them more attractive to overseas buyers.
Oil and gas prices will also react to the threat of a hurricane shutting in production in the Gulf of Mexico. The most active period of the season runs from Aug. 15 to Sept. 15.
"Every hurricane or possible hurricane will send the prices up a few pennies and then dip back down assuming nothing major happens," said Michael Lynch, president of Strategic Energy & Economic Research.
In other Nymex trading in September contracts, heating oil rose 6.57 cents to settle at US$2.1538 a gallon, gasoline added 4.61 cents to US$2.1685 a gallon. Natural gas fell 22.2 cents to 4.701 per 1,000 cubic feet.
In London, Brent crude settled up US$2.64 at US$80.82 a barrel on the ICE Futures exchange.
Crude futures jumped after positive reports on manufacturing in the U.S. and Europe indicated the global economy is continuing to recover. A rally in global stock markets also helped, as did weakness in the dollar.
Benchmark crude for September delivery rose US$2.39, or 3 percent, to settle at US$81.34 a barrel on the New York Mercantile Exchange.
Oil hit a high for the year of US$87.15 during trading on May 3.
Manufacturing remains a bright spot for the global economy. A report in the U.S. showed the sector grew for the 12th straight month while a report from Europe indicated the continent's economy continues to recover faster than expected.
Stock markets rallied on the news. Oil traders have been monitoring the markets for hints about consumer confidence. The Dow Jones industrial average rose 2 percent in afternoon trading.
Another factor that helped oil and other energy prices was a weaker dollar. Since commodities are priced in dollars, a weaker dollar makes them more attractive to overseas buyers.
Oil and gas prices will also react to the threat of a hurricane shutting in production in the Gulf of Mexico. The most active period of the season runs from Aug. 15 to Sept. 15.
"Every hurricane or possible hurricane will send the prices up a few pennies and then dip back down assuming nothing major happens," said Michael Lynch, president of Strategic Energy & Economic Research.
In other Nymex trading in September contracts, heating oil rose 6.57 cents to settle at US$2.1538 a gallon, gasoline added 4.61 cents to US$2.1685 a gallon. Natural gas fell 22.2 cents to 4.701 per 1,000 cubic feet.
In London, Brent crude settled up US$2.64 at US$80.82 a barrel on the ICE Futures exchange.
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