Go Finance Reporting in NEW YORK - Oil prices rose, after on Friday the two biggest oil consumer, the United States (U.S.) and China, issued a report that runs the economy positively. This condition reflects the purchasing power of oil will increase.
The United States also has expressed a new employment as much as 216 thousand people, so that unemployment in the U.S. declined 8.8 percent. This is the lowest in two years.
In China, the government reported increased demand for oil for cars and engines as the cause of the manufacturing sector become stronger.
Oil prices on the New York Mercantile Exchange for delivery in May, in trading Friday, April 1 rose $ 1, 22 to USD107, 94 per barrel. It is probable that prices will rise as high as USD108, 05 per barrel at one point. It has not been that high since September 2008.
In London, Brent crude rose $ 1, 21 to USD118, 41 per barrel on the ICE Futures exchange.
That the stronger dollar cause oil prices to rise. Oil traded in dollars and the high dollar will make prices more expensive oil.
"The number of jobs look so good," said analyst Jim Ritterbusch. "Then everyone sees the dollar and wondering how it will affect demand in China and other emerging markets. China is the world's second largest oil consumer behind the U.S.," he said in reports from AFP on Saturday (04/02/2011).
Meanwhile, due to the riots in Libya, which the previous supply 1.6 million barrels per day has been stopped as much as two percent. In order to cover the shortage of world supply, Saudi Arabia has increased the supply of production. The other OPEC countries also participated and oil supplies.
In other Nymex trading, heating oil also rose 3.27 cents to $ 3, 1452 per gallon and gasoline also rose 4.36 cents to $ 3, 1513 per gallon. natural gas down 2.7 to $ 4, 362 per 1,000 cubic feet.
(GoFinance)
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