Oil remains on course for $82 in Asia
Tuesday, 5 October 2010
SINGAPORE, Oct 4 (Commodity Online): World oil prices continued to hover near $81.50 a barrel mark in Asian trade Monday on expectations of increase in energy demand.
Light sweet crude for November delivery was seen treading at $81.56 a barrel at 12.00 noon Singapore time while Brent crude was at $ 83.74 a barrel in London.
Analysts said the black gold is likely to cross the $82 a barrel mark in couple of days as slow pace of the US economic recovery will prompt a monetary boost that would spur energy consumption.
Manufacturing growth slowed last month in the US and inflation remained subdued in August, leaving the door open for the Federal Reserve to launch a fresh round of monetary policy easing.
In other Nymex trading in November contracts, heating oil rose was flat at $2.29 a gallon and gasoline gained 5 cents to $2.09 a gallon. Natural gas fell 4 cents to $3.76 per 1,000 cubic feet.
On Friday, light sweet crude for November delivery gained $1.61 to settle at $81.58, the first time it topped $80 a barrel since early August.
In London, Brent North Sea crude for November delivery gained $1.44 to settle at $83.75 a barrel. Brent crossed $83 for the first time since early May.
Light sweet crude for November delivery was seen treading at $81.56 a barrel at 12.00 noon Singapore time while Brent crude was at $ 83.74 a barrel in London.
Analysts said the black gold is likely to cross the $82 a barrel mark in couple of days as slow pace of the US economic recovery will prompt a monetary boost that would spur energy consumption.
Manufacturing growth slowed last month in the US and inflation remained subdued in August, leaving the door open for the Federal Reserve to launch a fresh round of monetary policy easing.
In other Nymex trading in November contracts, heating oil rose was flat at $2.29 a gallon and gasoline gained 5 cents to $2.09 a gallon. Natural gas fell 4 cents to $3.76 per 1,000 cubic feet.
On Friday, light sweet crude for November delivery gained $1.61 to settle at $81.58, the first time it topped $80 a barrel since early August.
In London, Brent North Sea crude for November delivery gained $1.44 to settle at $83.75 a barrel. Brent crossed $83 for the first time since early May.