Oil prices rose towards $81 a barrel on Monday, recouping some of the previous session's losses, supported by a weaker dollar and positive data, including a rise in Euro zone sentiment in March. US crude for May delivery rose 69 cents to $80.69 a barrel by 1101 GMT. The contract settled down 53 cents at $80.00 per barrel on Friday, bringing weekly losses to 0.84 per cent.
London Brent crude gained 63 cents to $79.92. "Oil is moving on the dollar," said Eugen Weinberg, oil analyst at Commerzbank in Frankfurt. "Equity markets are also higher but the dollar is much weaker against the euro and that is dragging all commodities higher," Weinberg added.
European stock markets followed Hong Kong's index higher on Monday, raising optimism over the strength of the global economic recovery and an increase in demand for fuel. The dollar index softened against the euro on Monday, increasing risk appetite and boosting commodity prices. Data showing Euro zone economic sentiment rose more than expected in March and robust Asian economic indicators also helped to boost oil market sentiment.
Source Economic Times
Lable OIL PRICE ,COMMODITY PRICE
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment