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March 7, 2010

Oil Prices Near $82 on Weak Dollar

Oil prices extended gains towards $82 a barrel today aided by a weaker dollar and signs of an economic recovery in US. For April delivery, crude rose 44¢ to $81.94 a barrel by 0625 GMT, while London Brent crude gained 48¢ at $80.37, reports Reuters. The euro rose 0.4

By cms admin

Oil prices extended gains towards $82 a barrel today aided by a weaker dollar and signs of an economic recovery in US.

For April delivery, crude rose 44¢ to $81.94 a barrel by 0625 GMT, while London Brent crude gained 48¢ at $80.37, reports Reuters .

The euro rose 0.4% to $1.3675, helped at the margins by growing support for debt-laden Greece, while the US dollar index DXY fell 0.32%.

Oil prices also had support from higher Asian shares, which tracked a rally in the US markets to an 18 month closing high on Friday.

The news that China, the world’s second-biggest oil consumer, will build two strategic oil reserve bases also lent support to oil.

China’s crude oil output will rise by 1-2% this year while its state-owned China National Petroleum Corp will refine 11.4% more crude oil in 2010.

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