NYMEX-Crude hits 30-mth high on dollar, supply woes
Fri Apr 8, 2011 5:50pm EDT
* Dollar weakness boosts oil, other commodities * Prolonged Libyan supply cuts seen as fighting rages * Protests in Syria, Yemen continue; Israel strikes Gaza * Coming up: API petroleum data, April 12, 4:30 p.m. EDT NEW YORK, April 8 (Reuters) - U.S. crude oil futures ended
at their highest level in 30 months on Friday, rising for the
sixth day in seven and pushing gains to a third week, as a
decline in the dollar spurred a broad rally in commodities. The dollar was weighed dowm by a potential government
shutdown which analysts said could hinder economic recovery,
and by expectations that interest-rate differentials will widen
further in Europe's favor. [USD/] With a midnight deadline looming, the White House and
Congress struggled to break a budget impasse that threatened to
shut down the U.S. government and idle hundreds of thousands of
federal workers. [ID:n08144565] Fears of prolonged supply outages in Libya persisted as
fighting raged in the North African oil producer. Worries about possible supply cuts in the wider Middle East
were unabated with protests flaring across the Arab world. FUNDAMENTALS * On the New York Mercantile Exchange, crude futures for
May delivery CLK1 settled at $112.79 a barrel, the highest
price since Sept. 22, 2008, when front-month prices closed at
$120.92. It traded from $110.11 to $112.86. |
