Archive for the ‘oil market’ Category

Oil rises to trading record above $112

April 15, 2008

By GILLIAN WONG, Associated Press Writer

SINGAPORE – Oil prices rose to an intraday trading record above $112 a barrel Tuesday after the U.S. dollar fell further and crude supplies to the U.S. and elsewhere were disrupted.

The main driver of crude’s rally was a decline in the greenback relative to the euro on Monday, analysts said. Crude oil’s recent run above $100 a barrel has been largely attributed to a steadily depreciating U.S. currency because a weakening dollar prompts investors to seek a safe haven in hard commodities such as oil and gold.”We’ve seen another swing down in the U.S. dollar so I think we saw short-term traders go back into oil as a hedge against the falling dollar,” said Mark Pervan, senior commodity strategist at the ANZ Bank in Melbourne, Australia.

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Gas prices jump, oil hits $110

March 12, 2008
By JOHN WILEN, AP Business Writer 

NEW YORK – Gasoline and oil prices extended their record-setting streaks Wednesday, with gas at the pump reaching a new high of nearly $3.25 and crude surpassing $110 for the first time.

Investors shrugged off an Energy Department report that crude oil and gasoline supplies jumped last week.

Pumps draw petroleum from oil wells in California. Oil prices ...
Pumps draw petroleum from oil wells in California. Oil prices struck a record high of 109.20 dollars per barrel after the dollar hit a fresh all-time low against the euro.
(AFP/GETTY IMAGES/File/David McNew)

The national average price of a gallon of regular gas rose by 1.9 cents overnight to $3.246 a gallon, a new record, according to AAA and the Oil Price Information Service. Pump prices are following crude’s recent surge, and could rise as high as $3.75 a gallon this spring, analysts say.

Light, sweet crude for April delivery rose $1.17 to settle at $109.92 a barrel on the New York Mercantile Exchange after earlier rising to a new trading record of $110.20.

The dollar weakened throughout the day Wednesday, setting a number of new low marks against the euro and attracting new buyers to the oil market. Crude futures offer a hedge against a falling dollar, and oil futures bought and sold in dollars are more attractive to foreign investors when the dollar is weak. Many analysts believe the dollar’s decline is the reason crude futures have surged to new records in 11 of the past 12 sessions, despite the fact that crude supplies have risen 10.2 percent since early January.

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