Go Finance Reporting in NEW YORK - Oil prices steady after an increase in price. Pressure on energy commodities occurred because investors seem withdraw funds from commodity markets.
Earlier, oil prices rose when the United States dollar (U.S.) moves down until the fall to its lowest point since 2008 against foreign currencies. This is a positive sentiment for commodity prices.
A separate report showed factory activity rate in the U.S. Mid-Atlantic region fell in April. In addition, U.S. jobless claims above 400,000 which is doubted U.S. economic recovery speed and it could affect energy demand.
As quoted by Reuters on Friday (22/04/2011), the dollar fell on the third day and the dollar index was also approached the lowest level all the time. Brent crude for June delivery edged up 10 cents to USD123, 95 per barrel after earlier rose nearly $ 1 up to USD124, 81. This is the highest level since 11 April.
U.S. crude for June delivery rose 70 cents to USD112, 15, not far from the period of the previous day parking at USD112, 48. Premium Brent to the U.S. declined 60 cents to USD11, 80 per barrel.
"Brent has lost little momentum in the market. But oil prices could provide a big advantage, especially for U.S. crude oil and spread a little unwinding right now," said energy analyst Gene McGillian.
Riots and geopolitical threats to oil supplies in Africa and the Middle East continue to support price increases.
While the dollar has weakened this week after Standard & Poor's cut the outlook for U.S. government debt is negative, leading some analysts to promote the potential of foreign exchange reserves of the euro as an alternative currency.
Both types of oil prices that have soared on Wednesday after U.S. government reported crude oil and refined products inventories declined. (GoFinance)
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