Oil jumps to fresh 1-year high near $76 a barrel
15 Oct 2009
Oil prices reached a fresh one-year high near $76 a barrel on Thursday in Asia on a weaker US dollar and growing investor optimism about
an economic recovery. Benchmark crude for November delivery was up 72 cents to $75.90, the highest since October 2008, by midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract added $1.03 to settle at $75.18 yesterday. Oil investors have fed off rising stock markets and a falling dollar this week to break out of a $65 to $75 trading range that has held since May. The Dow Jones industrial average rose 1.5 per cent yesterday to above 10,000 for the first time in a year on encouraging earnings reports from Intel Corp and JPMorgan Chase & Co. Most Asian stock indexes gained in early trading. Meanwhile, the euro rose to $1.495 in early Asian trading from $1.4933 the previous day while the dollar gained to 89.46 yen from 89.34. Oil is traded in US dollars and its price tends to rise when the dollar falls.Oil prices reached a fresh one-year high near $76 a barrel on Thursday in Asia on a weaker US dollar and growing investor optimism about
an economic recovery. Benchmark crude for November delivery was up 72 cents to $75.90, the highest since October 2008, by midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract added $1.03 to settle at $75.18 yesterday. Oil investors have fed off rising stock markets and a falling dollar this week to break out of a $65 to $75 trading range that has held since May. The Dow Jones industrial average rose 1.5 per cent yesterday to above 10,000 for the first time in a year on encouraging earnings reports from Intel Corp and JPMorgan Chase & Co. Most Asian stock indexes gained in early trading. Meanwhile, the euro rose to $1.495 in early Asian trading from $1.4933 the previous day while the dollar gained to 89.46 yen from 89.34. Oil is traded in US dollars and its price tends to rise when the dollar falls. ( Economic Times)