Combative Trump blames diversity policies after air tragedy    Israel releases 110 Palestinian prisoners on same day UNRWA ban comes into effect    FireAid: Stars take to stage for LA benefit concert    New Zealand mountain gets personhood    Singer and actress Marianne Faithfull dies at 78    Saudi King and Crown Prince express condolences over deadly mid-air collision in Washington    Saudi, Russian foreign ministers discuss regional issues in phone call    MWL chief meets Italian president in Rome; thanking him for supporting two-state solution    Ettifaq sack Steven Gerrard after poor results, appoint Saad Al-Shehri as new head coach    National Cybersecurity Authority launches 2nd phase of Postgraduate Scholarship Program    GASTAT: Real GDP records growth of 4.4% in Q4 2024    Saudi Arabia launches inaugural Art Week Riyadh on April 6-13    Saudi crown prince and European Council president discuss over phone ways to enhance cooperation    NEOM's THE LINE set to begin vertical construction by end of year    HP is redefining the Future of Work with AI    Mona Lisa to be moved as part of major Louvre overhaul    Neymar bids heartfelt goodbye to Al-Hilal: I will always support you    Al-Nassr announces transfer of Brazilian forward Talisca to Fenerbahçe    SFDA chief rules out plan to ban sale of cigarettes or vapes    Al Hilal and Neymar mutually agree to part ways    Bollywood star Saif Ali Khan 'out of danger' after attack at home in Mumbai    Order vs. Morality: Lessons from New York's 1977 Blackout    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Oil prices rally on weak dollar
Published in The Saudi Gazette on 27 - 08 - 2010

World oil prices jumped on Thursday on the back of a decline in new US weekly claims for jobless benefits as well as a weak dollar.
New York's main contract, light sweet crude for October delivery, jumped 84 cents to $73.36 per barrel as it recovered from three-month lows on Wednesday. London's Brent North Sea crude for October gained $1.54 to $75.02 per barrel.
Lower crude stocks as well as a government report showing a drop in the number of Americans filing new claims for jobless benefits helped lift market sentiment, said Deutsche Bank analyst Adam Sieminski.
“The combination of these things has put a little strength in the oil market,” he said. Labor Department data showed Thursday a drop in jobless benefit claims to 473,000 for the week to August 21 from the previous week's 504,000.
The latest figure was better than most economists' expectations of 485,000 but analysts cautioned that the underlying position was still weak.
Gene McGillian, analyst at US-based consultancy Tradition Energy, said the economic picture was bleak.
“Initial jobless claims still weren't anything to write home about... The fundamental picture (in the United States) continues to remain really weak,” he said.
Oil got a boost too from rising European stock markets and a lower US dollar, which led many traders to shrug off a massive increase in US crude reserves. A weaker greenback makes dollar-priced commodities cheaper for buyers using stronger currencies, and therefore tends to stimulate demand.
Oil also rose on Wednesday despite dismal US economic data and a spectacular jump in American crude reserves that signaled weaker demand in the United States.
“Crude oil prices extended gains and surged above $73 per barrel in a correction higher, supported by a softer US dollar and further gains across the global equity markets,” said Sucden analyst Myrto Sokou.
Stock markets rebounded on Thursday following a run of losses as traders digested a brighter economic.


Clic here to read the story from its source.