Oil hovers above $81 after surging to 3-month high
Tuesday, 03 August 2010
03 August 2010;economictimes.indiatimes.com:SINGAPORE: Oil prices hovered above $81 a barrel Tuesday in Asia after surging stock markets and a weaker dollar helped boost crude to nearly a three-month high. Benchmark crude for September delivery was up 9 cents to $81.43 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract rose $2.39, or 3 percent, to settle at $81.34 on Monday, the highest since May 4. The Dow Jones industrial average rose 2 percent Monday on better than expected manufacturing results in the U.S. and Europe. Most Asian stock markets advanced Tuesday, a key signal oil traders watch as a gauge of overall investor sentiment. A weaker dollar also helped boost crude since that makes commodities cheaper for investors with other currencies. The euro fell to $1.3164 on Tuesday from a three-month high on Monday of $1.3178 and the dollar eased to 86.35 yen from 86.46 yen. Investors will be closely watching weekly U.S. crude inventory data later Tuesday and Wednesday and July employment figures Friday. ``The more important price driver will be forthcoming at week's end in the form of the monthly employment report,'' Ritterbusch and Associates said in a report. In other Nymex trading in September contracts, heating oil rose 0.62 cent to $2.160 a gallon, gasoline was steady at $2.169 a gallon and natural gas jumped 2.9 cents to 4.730 per 1,000 cubic feet. Brent crude was up 9 cents to $80.91 a barrel on the ICE futures exchange.
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