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Oil rises above $75 as US dollar weakens

Oil prices rose above $75 a barrel Wednesday, boosted by a weaker dollar. But gains were limited by a report showing an unexpected rise in U.S. supplies last week, a sign demand for crude may not be improving. By early afternoon in Europe, benchmark crude for November delivery was up 24 cents to $75.21 a barrel in electronic trading on the New York Mercantile Exchange. On Tuesday the contract fell $1.22 to settle at $74.97. The October contract expired Tuesday, losing $1.34 to settle at $73.52. The dollar’s skid against the euro was caused by speculation that the U.S. Federal Reserve could push interest rates lower, making investments in dollars less attractive. A weaker dollar makes crude priced in dollars cheaper for investors holding other currencies. The euro was up to $1.3378 on Wednesday from $1.3249 late Tuesday in New York, while the British pound rose to $1.5699 from $1.5625, and the dollar slipped to 84.58 Japanese yen from 85.06 yen. Sourse:

Posted on Wednesday, September 29, 2010 @ 11:31:54 LKT


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