Go Finance Reporting in SINGAPORE - Oil prices in Asia remained at the level of USD94 per barrel as a result of the strengthening dollar makes crude oil prices look more expensive for investors using other currencies.
As quoted by the Associated Press (AP), Tuesday (07/05/2011), the price of black gold for August delivery rose two cents to USD94, 96 per barrel in electronic trading on the New York Mercantile Exchange (Nymex). Meanwhile, London Brent crude for August delivery fell 21 cents to USD111, 56 per barrel on the ICE Futures Exchange.
The exchange rate of euro against the U.S. dollar fell to as low as $ 1, 4479 per euro from the previous $ 1, 4541 per euro.
Last week, crude oil fell almost close to USD90 a barrel after the International Energy Agency released a number of strategic reserves of 60 million barrels of oil on 24 June.
But oil prices rebounded to move before the announcement of the International Energy Agency (International Energy Agency / IEA) due to weakening against the euro after the Greek parliament approved austerity measures, to avoid debt default.
"In order to see significant weakness down there (approximately USD88), we will probably need to see the rally in the dollar," due diligence.
In other Nymex trading in contracts in August, heating oil fell 0.9 cents to $ 2, 92 per gallon, while gasoline fell 1.3 cents at $ 2, 96 per gallon. Natural gas futures rose 1.2 cents to $ 4, 32 per 1,000 cubic feet. (GoFinance)
No comments:
Post a Comment