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March 17, 2010

Oil Falls Towards $82 on Strong Dollar

Oil slid towards $82 a barrel today, following the bounce back of the dollar from its lowest in a month and a half, and a positive outlook for the US energy demand. For April delivery, US crude fell 65¢ to $82.28 a barrel by 6:30am GMT, after settling $1.23 higher on Wednesday, rep

By cms admin

Oil slid towards $82 a barrel today, following the bounce back of the dollar from its lowest in a month and a half, and a positive outlook for the US energy demand.

For April delivery, US crude fell 65¢ to $82.28 a barrel by 6:30am GMT, after settling $1.23 higher on Wednesday, reports Reuters.

For May delivery, London Brent crude decreased by 64¢ to $81.32.

The dollar gained broadly on Thursday compared with higher yielding currencies, with the euro down following a report that the European Union will not help Greece in its economic recovery.

According to the US Energy Information Administration (EIA) report, oil product demand in the US was up 3.5% last week from a year ago.

The report revealed that US distillate inventories fell 1.5 million barrels and gasoline stocks dropped 1.7 million barrels.

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