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Oil jumps above $60 on weak US currency

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AFP
Tuesday, May 12, 2009

Oil prices rose sharply on Tuesday, with the New York contract hitting a six-month high above 60 dollars as the US currency tumbled against other leading units, traders said.

New York’s main futures contract, light sweet crude for delivery in June, jumped to 60.08 dollars per barrel, its highest point since mid-November before slipping back to 58.62 dollars, up 12 cents from Monday’s close.

Brent North Sea crude for June delivery added 10 cents to 57.58 dollars a barrel.

The gains came as the euro soared to 1.3707 dollars, its highest level for one and a half months. A weak dollar stimulates demand for dollar-priced crude because it becomes cheaper for buyers using stronger currencies.

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Crude oil prices have found support in recent days from rallying stock markets and a falling dollar rather than from signs of rebounding demand for energy, according to analysts.

“This market seems to have found a bit of a comfort zone (at current price levels),” said Dave Ernsberger, a senior editorial director at energy information provider Platts.

Full article here

This article was posted: Tuesday, May 12, 2009 at 9:57 am





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