Oil above $71 as global stocks gain, dollar drops
VIENNA — Oil prices rose above $71 a barrel Tuesday, helped by a jump in global stock markets and a weaker dollar, which increases the appeal of commodities to investors.
Benchmark crude for November delivery was up 83 cents at $71.24 by afternoon European electronic trading on the New York Mercantile Exchange. The contract gained 46 cents to settle at $70.41 Monday.
Oil has meandered near the $70 a barrel level for months as traders struggle to gauge how strongly the U.S. economy will recover.
Last week, poor jobs and manufacturing data undermined optimism, but on Monday the Institute for Supply Management said its service index showed that sector grew in September for the first time since August of last year.
Vienna’s JBC Energy attributed the upward trend to the “somewhat encouraging U.S. services sector data and a weaker greenback” — a reference to the falling dollar, dragged down by reports that major oil importers were rethinking the U.S. currency’s role in pricing oil.
The euro rose to $1.4726 on Tuesday from $1.4647 the previous day, and the dollar slipped to 89.04 yen from 89.53.
Crude traders often look to stock markets for a sense of overall investor confidence. The Dow Jones industrial average rose 1.2 percent Monday and was up in early trading Tuesday, along with most Asian and European indexes.
In other Nymex trading, heating oil and gasoline both rose more than 2 cents to $1.81 and $1.77 a gallon. Natural gas for November delivery was flat at $5.00 per 1,000 cubic feet.
In London, Brent crude rose 77 cents to $68.81 on the ICE Futures exchange.
Associated Press writer Alex Kennedy contributed to this report from Singapore.
Related News
Oil rises above $70 in Asia investors eye global stocks, US dollarOctober 6th, 2009 Oil above $71 as global stocks gainSINGAPORE — Oil prices above $71 a barrel Tuesday in Asia as a jump in global stock markets boosted investor confidence. Benchmark crude for November delivery was up 71 cents at $71.12 by late afternoon Singapore time in electronic trading on the New York Mercantile Exchange.
Oil rises slightly to above $70 in afternoon European trading as China fears easeSeptember 1st, 2009 Oil rises above $70 as markets stabilizeLONDON — Oil prices rose slightly above $70 a barrel Tuesday, recovering only some of the sharp losses suffered Monday, when investors worried about the economic outlook of China. Benchmark crude for October delivery was up 18 cents at $70.14 a barrel by late afternoon European time in electronic trading on the New York Mercantile Exchange.
Euro rises to $1.4295 in early European afternoon trading as world markets edge higherAugust 3rd, 2009 Euro at $1.4295 in European afternoon tradingFRANKFURT — The euro rose against the dollar Monday after recent reports out of the U.S. and China helped push equities and commodities higher.
Euro reaches 2009 high of $1.4303 in European morning trade as investors exit dollar safetyJuly 28th, 2009 Euro reaches 2009 high of $1.4303FRANKFURT — The euro rose Tuesday to its highest point this year against the dollar, as strong economic signals led investors to riskier trades in foreign markets and equities. The 16-nation euro rose to $1.4303 in European morning trading on Tuesday, up from the $1.4243 late Monday in New York, but settled back around $1.4260 by early afternoon.
US dollar mostly higher, gold rises in European morning tradingJuly 23rd, 2009 US dollar mostly higher in European tradingLONDON — The U.S. dollar was mostly higher against other major currencies in European trading Thursday morning.
Euro rises to $1.4251 in morning trading; earnings mixed; Fed warns recovery will be gradualJuly 23rd, 2009 Euro rises to $1.4251 in European morning tradingFRANKFURT — The euro rose against the dollar Thursday as U.S. companies reported mixed earnings, while the Federal Reserve cautioned the recovery will be gradual because of rising unemployment.
Oil rises above $64 in afternoon European trading on strong company results, weaker dollarJuly 20th, 2009 Oil rises above $64 on strong corporate resultsOil prices rose to above $64 a barrel Monday as strong second-quarter company earnings boosted investor optimism and pushed stocks in Asia and Europe higher. A weaker U.S.
US dollar mixed, gold down in European afternoon tradingJuly 13th, 2009 US dollar mixed, gold down in European tradingLONDON — The U.S. dollar was mixed against other major currencies in European trading Friday morning.
US dollar rises, gold falls in European tradingJuly 2nd, 2009 US dollar higher in European trading, gold fallsLONDON — The U.S. dollar was up against other major currencies in European trading Thursday.
US dollar, gold lower in European afternoon tradingJune 19th, 2009 US dollar, gold down in European afternoon tradingLONDON — The U.S. dollar was lower against other major currencies in European trading Friday morning.
US dollar, gold rise in European morning tradingJune 18th, 2009 US dollar rises in EuropeLONDON — The U.S. dollar was higher against other major currencies in European trading Thursday morning.
US dollar higher, gold lower in European morning tradingJune 8th, 2009 US dollar rises in European tradingLONDON — The U.S. dollar was higher against other major currencies in European trading Monday morning.
US dollar mostly higher, gold rises in European morning tradingMay 11th, 2009 Dollar up, gold rises in morning tradingLONDON — The U.S. dollar was mostly higher against other major currencies in European trading Monday morning.
US dollar lower, gold up in European tradingApril 24th, 2009 US dollar lower in European tradingLONDON — The U.S. dollar was lower against other major currencies in European trading Friday afternoon.
US dollar mostly down, gold lower in European afternoon tradingApril 22nd, 2009 US dollar mostly down in EuropeLONDON — The U.S. dollar was mostly lower against other major currencies in European trading Wednesday afternoon.
Loading ...