Go Finance Report - Crude oil prices are still close to USD92 per barrel in Asian spot market this afternoon as a result of trading on the stock market optimism that participated gave positive sentiment towards the movement of trade in these commodities.
As quoted by the Associated Press (AP) Tuesday (01/04/2011), price of oil for February delivery rose seven cents to as low as USD91, 62 per barrel in electronic trading on the New York Mercantile Exchange (Nymex) during the day time Asia.
U.S. stock market early in its trade in 2011 rose 1.1 percent amid brisk most Asian markets led by Japan's Nikkei rose to 1.7 percent. Oil investors, often seen as a barometer of investor sentiment stocks overall.
"This trend will continue to be the economic optimism in improving the attractiveness of the oil markets as an asset class," said Ritterbusch and Associates report.
In other Nymex trading in the contract of February, heating oil rose 0.7 cents to $ 2, 56 per gallon, while gasoline futures rose 0.3 cents to $ 2, 43 per gallon. February natural gas futures fell 0.1 cents to $ 4, 64 per 1,000 cubic feet. While in London, Brent crude rose 16 cents to USD95 per barrel on the ICE Futures exchange. (GoFinance)
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