Oil extends gains on weak dollar
Friday, 8 October 2010
SINGAPORE, Oct 7 (Commodity Online): World oil prices extended gains in Asian trade Thursday mainly on a falling dollar that offset reports of higher US crude stockpiles.
Light sweet crud for November delivery was seen trading at $83.47 a barrel at 12.00 noon Singapore time while Brent crude for November delivery was at $ 85.34 a barrel in London.
In other Nymex trading in November contracts, heating oil rose 0.62 cent to $2.314 a gallon and gasoline gained 0.32 cent to $2.151 a gallon. Natural gas was steady at $3.86 per 1,000 cubic feet.
Analysts said the black gold is likely to move further in the day on expectations of supportive moves by US Fed to steer up country's economy.
Investors anticipate that US interest rates could head even lower if the Fed moves to buy Treasury bonds and takes other measures to lower long-term interest rates to boost the economy.
The US Energy Information Administration said Wednesday crude inventories increased last week by 3.1 million barrels and are now 7 per cent above year-ago levels.
Light sweet crud for November delivery was seen trading at $83.47 a barrel at 12.00 noon Singapore time while Brent crude for November delivery was at $ 85.34 a barrel in London.
In other Nymex trading in November contracts, heating oil rose 0.62 cent to $2.314 a gallon and gasoline gained 0.32 cent to $2.151 a gallon. Natural gas was steady at $3.86 per 1,000 cubic feet.
Analysts said the black gold is likely to move further in the day on expectations of supportive moves by US Fed to steer up country's economy.
Investors anticipate that US interest rates could head even lower if the Fed moves to buy Treasury bonds and takes other measures to lower long-term interest rates to boost the economy.
The US Energy Information Administration said Wednesday crude inventories increased last week by 3.1 million barrels and are now 7 per cent above year-ago levels.