Oil remains below $78 in Asian trade
Wednesday, 25 November 2009
SINGAPORE, Nov 24 (Commodity Online): World oil prices remained below $78 a barrel in Asian trade Tuesday ahead of a crucial US Energy department data.
Light sweet crude for January delivery was seen trading at $77.52 a barrel at 12.00 noon Singapore time while Brent crude was at $77.55 a barrel at the same time.
On Monday, oil advanced on the weaker US dollar but also as concerns regarding Iran's nuclear programme returned to the fore.
Benchmark crude for January delivery rose 9 cents to settle at $77.56 a barrel on the New York Mercantile Exchange. London's Brent North Sea crude for January delivery gained $1.15 to settle at $78.35.
The dollar traded at $1.4945 per euro, from $1.4961 Monday in New York, having earlier slid 0.9 per cent to $1.4999 in the biggest intraday drop since November 9. A weaker dollar prompts investors to buy commodities as a hedge against inflation.
The dollar began the week lower as a Federal Reserve official urged the continuation of stimulus programs and as home sales in October greatly exceeded market expectations, revving up traders' taste for higher-yielding assets.
Light sweet crude for January delivery was seen trading at $77.52 a barrel at 12.00 noon Singapore time while Brent crude was at $77.55 a barrel at the same time.
On Monday, oil advanced on the weaker US dollar but also as concerns regarding Iran's nuclear programme returned to the fore.
Benchmark crude for January delivery rose 9 cents to settle at $77.56 a barrel on the New York Mercantile Exchange. London's Brent North Sea crude for January delivery gained $1.15 to settle at $78.35.
The dollar traded at $1.4945 per euro, from $1.4961 Monday in New York, having earlier slid 0.9 per cent to $1.4999 in the biggest intraday drop since November 9. A weaker dollar prompts investors to buy commodities as a hedge against inflation.
The dollar began the week lower as a Federal Reserve official urged the continuation of stimulus programs and as home sales in October greatly exceeded market expectations, revving up traders' taste for higher-yielding assets.