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March 28, 2010

Oil Edges to $81 on Strong Dollar

Oil prices rose to almost $81 a barrel supported by a weaker dollar and healthy Asian economic data. For May delivery, US crude rose 61¢ to $80.61 a barrel by 3.52am ET, while London Brent crude gained 61¢ to $79.90, reports Reuters. The dollar dropped nearly half a

By cms admin

Oil prices rose to almost $81 a barrel supported by a weaker dollar and healthy Asian economic data.

For May delivery, US crude rose 61¢ to $80.61 a barrel by 3.52am ET, while London Brent crude gained 61¢ to $79.90, reports Reuters .

The dollar dropped nearly half a percent against a basket of currencies on Monday.

Strong economic data from Asia has raised optimism over the strength of the global economic recovery and a subsequent increase in demand for fuel lending support to oil.

A report by Organization of the Petroleum Exporting Countries expects oil prices to be in the $70-80 range over the next decade.

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