Oil Price Rises Above $80 a Barrel, Dollar Falls Against Major Currencies

Oil price rises above $80 a barrel

Press TV, Mon, 01 Mar 2010 07:15:00 GMT

Oil prices have touched the low $80 level several times in the last six months, but fallen back into the $70s (allowing big traders to make a lot of profits, selling when prices are high then buying when they fall down).

Oil prices have risen in Asia as signs suggest a boost in fuel demands following news concerning economic growth in the US and in the emerging Asian markets.

A fall in the US dollar was another reason behind the rise in crude prices in Asian markets to above $80 a barrel on Monday, as a weaker dollar makes the commodity cheaper to holders of other currencies.

Benchmark crude for April delivery was up 56 cents to $80.22 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange.

London's Brent North Sea crude was up 54 cents at $78.13 on the ICE futures exchange.

MVZ/TG/DT

Dollar falls against major currencies

Press TV, Sat, 27 Feb 2010 05:56:22 GMT

The dollar has fallen against other major currencies due to a possible German aid to Greece's fiscal crisis and mixed US economic data.

The euro traded at 1.3620 dollars in New York trading on Friday, up from 1.3546 a day ago.

The greenback also dropped to 88.81 Japanese yen from 89.09 yen while, the pound bought 1.5248 dollars from 1.5246 dollars.

Speculations raised about Germany's plan to buy Greek bonds through state-owned lender KfW Group also pushed the value of euro up against other currencies.

DB/DT

Fair Use Notice

This site contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance understanding of environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission from the copyright owner.