Oil inches towards $82 in Asian trade
Wednesday, 6 January 2010
SINGAPORE, Jan 05 (Commodity Online): World oil prices advanced near $82 a barrel in Asian trade Tuesday mainly on better demand for fuel as winter weather spreads to more areas in the northern hemisphere.
Light sweet crude for February delivery was seen trading at $81.84 a barrel at 12.00 noon Singapore time while Brent crude was at $80.47 a barrel at the same time.
Analysts said oil's climb for the eight day in succession was also due to positive manufacturing data's by China, Germany, UK and Euro zone and also on a possible drop in US distillate fuel stockpiles.
Prices rose also on concerns over the implications of Russia's move to cut oil supplies to Belarus, which has been effective since New Year's Eve.
On Monday, February delivery closed at $81.51 a barrel on the New York Mercantile Exchange.
In London, Brent crude for February delivery rose $1.95 to close at $79.88 a barrel on the ICE Futures exchange.
The dollar traded near a one-week low against the euro as evidence of global economic recovery revived investors' demand for riskier assets such as commodities.
It was at $1.4419 per euro, from $1.4413 on Monday in New York.
Light sweet crude for February delivery was seen trading at $81.84 a barrel at 12.00 noon Singapore time while Brent crude was at $80.47 a barrel at the same time.
Analysts said oil's climb for the eight day in succession was also due to positive manufacturing data's by China, Germany, UK and Euro zone and also on a possible drop in US distillate fuel stockpiles.
Prices rose also on concerns over the implications of Russia's move to cut oil supplies to Belarus, which has been effective since New Year's Eve.
On Monday, February delivery closed at $81.51 a barrel on the New York Mercantile Exchange.
In London, Brent crude for February delivery rose $1.95 to close at $79.88 a barrel on the ICE Futures exchange.
The dollar traded near a one-week low against the euro as evidence of global economic recovery revived investors' demand for riskier assets such as commodities.
It was at $1.4419 per euro, from $1.4413 on Monday in New York.