Oil prices end up 0.67% NEW YORK
Oil prices end up 0.67% NEW YORK
NEW YORK – Oil ended slightly higher Tuesday on the New York market, enjoying a bout of dollar weakness and a renewed investor optimism about the global economic environment that has benefited the sector commodities as a whole.
The November contract on the U.S. light crude ended on an increase of 47 cents, or 0.67%, to 70.88 dollars a barrel, after having moved between 70.06 and 71.97 dollars.
Meanwhile, the deadline on November Brent took 65 cents (0.96%) to 68.69 dollars.
Black gold has also benefited from the fact that the U.S. Agency for Energy Information (EIA) has increased by 170,000 barrels per day its estimate of global demand for the fourth quarter of 2009.
For 2010, the EIA said it expects an increase in consumption of 1.1 million barrels while none anticipated an increase of 910,000 barrels.
The dollar has suffered from the publication of an article in The Independent reports confidential discussions of oil producing countries with China, Japan and France to replace the dollar with a basket of currencies for trading oil.
These reports were denied by senior Saudi officials and Russian on the sidelines of the meeting of the International Monetary Fund as well as Kuwait, Oman and the UAE.
Robert Gibbons, French version Benoit Van Overstraeten