Oil up as dollar falls
Source: Agencies |
April 7, 2011, Thursday
|
Print Edition
Print Edition
OIL rose yesterday as the US dollar declined against other major currencies.
Benchmark West Texas Intermediate gained 40 cents at US$108.74 per barrel in midday trading on the New York Mercantile Exchange. It jumped as high as US$109.15 earlier in the trading session - the highest since September 2008.
Prices have climbed for several weeks as the Libyan rebellion shut down most of that OPEC country's exports, and energy traders worried about future supplies from the region. Libya produced nearly 2 percent of the world's oil, and an extended shutdown could threaten the production capacity of other OPEC members that are covering some of the shortage.
In London, Brent crude rose 30 cents to US$122.19 per barrel on the ICE Futures exchange.
Benchmark West Texas Intermediate gained 40 cents at US$108.74 per barrel in midday trading on the New York Mercantile Exchange. It jumped as high as US$109.15 earlier in the trading session - the highest since September 2008.
Prices have climbed for several weeks as the Libyan rebellion shut down most of that OPEC country's exports, and energy traders worried about future supplies from the region. Libya produced nearly 2 percent of the world's oil, and an extended shutdown could threaten the production capacity of other OPEC members that are covering some of the shortage.
In London, Brent crude rose 30 cents to US$122.19 per barrel on the ICE Futures exchange.
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