24 May '11, 8pm

Oil prices rebound on weaker US dollar

Oil prices rebound on weaker US dollar

NEW YORK: Crude oil prices bounced back on Tuesday from sharp losses the previous day, lifted by a weaker US dollar and a bullish price forecast from US banks Goldman Sachs and Morgan Stanley. New York's main contract, light sweet crude for delivery in July, closed at $99.59 a barrel, an increase of $1.89 from Monday. In London, Brent North Sea crude for July added $2.43 to settle at $112.53 a barrel. The benchmark West Texas Intermediate contract had earlier fallen close to $95. "The $95 dollar price band is the level that every trader is looking at" and is providing "a major support for oil," said Rich Ilcszyszyn of futures brokerage Lind-Waldock. The market gained support on Tuesday from "outside market influence," he said. Equity markets that had tumbled on Monday amid worries about eurozone debt stabilised slightly and the dollar weakened, making dollar-priced oil mor...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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