Oil prices edge up ahead of data
Thursday, 13 March 2008
VIENNA, Mar 12(AP): Oil prices edged up Wednesday but were still below the intraday peak of almost $110 a barrel set a day earlier, supported by further weakening in the U.S. dollar.
Traders were awaiting the release of data later Wednesday on U.S. petroleum inventories. Analysts surveyed by Dow Jones Newswires were expecting an increase.
Light, sweet crude for April delivery on the New York Mercantile Exchange rose 19 cents to $108.94 a barrel in electronic trading by afternoon in Europe.
On Tuesday, crude futures settled at a record finish of $108.75 a barrel, up 85 cents on the day after rising to a new trading high of $109.72 a barrel during the day.
The euro and other major currencies rose Wednesday against the dollar despite the U.S. Federal Reserve's plan to pump $200 billion into financial markets to help ease the strain from the credit crisis.
The 15-nation euro rose to $1.55 for the first time, up from $1.5319 in New York late Tuesday.
The relief plan is seen as likely to remove pressure on the Fed to cut interest rates before its next meeting.
Traders were awaiting the release of data later Wednesday on U.S. petroleum inventories. Analysts surveyed by Dow Jones Newswires were expecting an increase.
Light, sweet crude for April delivery on the New York Mercantile Exchange rose 19 cents to $108.94 a barrel in electronic trading by afternoon in Europe.
On Tuesday, crude futures settled at a record finish of $108.75 a barrel, up 85 cents on the day after rising to a new trading high of $109.72 a barrel during the day.
The euro and other major currencies rose Wednesday against the dollar despite the U.S. Federal Reserve's plan to pump $200 billion into financial markets to help ease the strain from the credit crisis.
The 15-nation euro rose to $1.55 for the first time, up from $1.5319 in New York late Tuesday.
The relief plan is seen as likely to remove pressure on the Fed to cut interest rates before its next meeting.