Oil makes gains above US$87 a Barrel in Europe on Stronger Stock Markets, Softer Dollar
Nov 9th, 2010Oil prices have remained above US$87 a barrel, near 2010 highs, supported by rising stock markets in Europe and a weaker dollar.
By early afternoon Tuesday in Europe, benchmark oil for December delivery was up 31 cents at US$87.37 a barrel in electronic trading on the New York Mercantile Exchange. Earlier in the day it reached US$87.63, its highest intraday high of the year. On Monday, the contract settled up 21 cents at US$87.06 a barrel - a closing high for the year.
In other Nymex trading in December contracts, heating oil was up 0.93 cent to US$2.407 a gallon and gasoline gained 1 cent to US$2.1885 a gallon. Natural gas added 5.1 cents to US$4.139 per 1,000 cubic feet.
In London, Brent crude was up 24 cents to US$88.70 a barrel on the ICE Futures exchange.
Source: Todayonline.com