Oil Prices Hovers Above $77 in Asia
SINGAPORE: Oil prices hovered above $77 a barrel Wednesday in Asia after surging the previous day amid expectations a growing U.S. economy will fuel increased crude demand.
Benchmark crude for March delivery was up 37 cents at $77.38 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract rose $2.88 to settle at$77.01 on Tuesday.
In other Nymex trading in March contracts, heating oil was up 0.8cent at $2.004 a gallon, and gasoline raised 1.3 cents to $2 a gallon. Natural gas gained 4.4 cents to $5.354 per 1,000 cubic feet. In London, Brent crude was up 31 cents at $75.99 on the ICE futures exchange.
Oil Prices Hovers Above $77 in Asia was first posted on February 17, 2010 at 6:56 pm.
Oil Prices Hovers Below $79
SINGAPORE: Oil prices hovered below $79 a barrel Tuesday in Asia as investors look to crude demand growth in Asia next year to offset a sluggish US economy.
Benchmark crude for December delivery was down 26 cents to $78.64 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract rose $2.55 to settle at $78.90 on Monday.
Traders are trying to anticipate the strength of the global economic recovery and how much crude demand may grow during the next 12 months. Some analysts expect demand in Asia, especially China, will help push prices higher amid a moderate U.S. recovery.
“Demand out of the U.S. will be pretty stagnant, but we’re looking at very healthy demand growth out of Asia,” said Alan Plaugmann, a commodities analyst in Singapore. “I think oil fundamentals will tighten and we’ll retain the bull market.
Plaugmann said he expects crude to reach $100 a barrel during the second or third quarter next year.
In other Nymex trading, heating oil fell 0.75 cent to $2.02 a gallon. Gasoline for December delivery dropped 1.37 cents to $1.97 a gallon. Natural gas for December delivery rose 1.8 cents to $4.63 per 1,000 cubic feet.
In London, Brent crude for December delivery fell 27 cents to $78.49 on the ICE Futures exchange.
Oil Prices Hovers Below $79 was first posted on November 17, 2009 at 3:20 pm.
