Oil hovers near $67 as US, Asian stocks jump
SINGAPORE — Oil prices hovered near $67 a barrel Friday in Asia after investor optimism about the economy fueled rallies in crude and stocks.
Benchmark crude for September delivery was down 20 cents to $66.74 a barrel by late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. On Thursday, the contract rose $3.59, or 5.6 percent, to settle at $66.94.
Traders have gotten whiplash this week as prices jerked up and down on investor uncertainty about the strength of the global economic recovery.
“Sentiment is very fragile,” said David Moore, commodity strategist at Commonwealth Bank of Australia in Sydney. “Going forward, we’re going to be looking at a seesawing market.”
Crude investors were cheered by a jump in U.S. stocks on Wednesday and Asian stocks on Thursday. The Dow Jones industrial average rose 0.9 percent.
While the worst of a severe recession may be over, investors are cautious about a rebound this year. Signs of weak gasoline consumption and high crude inventories have dampened enthusiasm.
“When there’s an indicator from the U.S. that suggests the recovery will be slow to emerge, prices get knocked back a bit,” Moore said. “I think oil over the next few months will probably have a downward basis.”
In other Nymex trading, gasoline for August delivery fell 0.89 cent to $1.98 a gallon and heating oil gained 0.89 cent to $1.78. Natural gas for August delivery fell 3.0 cents to $3.71 per 1,000 cubic feet.
In London, Brent prices fell 59 cents to $69.54 a barrel on the ICE Futures exchange.
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