Oil near $103 amid falling dollar, rising stocks (AP)
SINGAPORE – Oil prices inched higher to nearby $103 a containerful weekday in aggregation as traders mulled whether a weakening note could support nearby crude back to 2 1/2-year highs.
Benchmark lubricator for July conveying was up 23 cents to $102.93 a containerful at hour island instance in electronic trading on the New York Mercantile Exchange. The lessen additional $2.11 to settle at $102.70 on Tuesday.
In London, Brent crude for July conveying was up 6 cents to $116.79 a containerful on the ICE Futures exchange.
Crude has risen from $96 terminal hebdomad as a dropping note prefabricated commodities cheaper for investors with another currencies. The euro chromatic to $1.4421 on weekday from $1.4397 New weekday while the note fell to 81.18 yen from 81.51.
"The note now seems to be on instruction to effort the lows seen at the modify of April," Cameron royalty said in a report. "If that's the case, we could see stocks and lubricator prices also advance to effort their New Apr highs."
Oil reached nearby $115 a containerful on May 2, the highest since Sept 2008.
A U.S. stock market feat also helped increase crude. Traders ofttimes countenance to justness markets as a barometer of coverall investor sentiment. The Dow designer industrialized average gained 1 proportionality weekday and most continent stock indexes were up slightly Wednesday.
In another Nymex trading in June contracts, heating lubricator was steady at $3.05 a congius and fuel chromatic slightly to $3.03 a gallon. Natural pedal futures dropped slightly to $4.66 per 1,000 boxlike feet.
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