Increases in Oil Prices

A rise for the first time in four days was presented in oil prices as the dollar recorded losses and the euro [EUR = X] strengthened after the decision of Eurogroup to make funds available to Greece with low rates, combined with news recording increased crude imports from China to meet growing demand. Oil rose as the weak dollar boosted the appeal of commodities as an alternative investment. For Greece, the Eurogroup decided to allocate a 30 billion capital in low interest rate. An additional 15 billion euros will be allocated by the International Monetary Fund IMF.

March crude imports to China increased 29% over the previous year, according to customs figures of the country on April 10. Crude oil for May delivery was strengthened at 79 cents, or 0.9%, reaching 85.71 dollars a barrel and traded at 85.56 dollars a barrel in electronic trading on the Commodity Exchange in New York (Nymex) on 8:44 a.m. Singapore time. On April 9 the contract fell 47 cents, or 0.6%, reaching 84.92 dollars a barrel.

Imports of crude to China touched 21.1 million tonnes, about 4.98 million barrels per day, showed preliminary data of the customs of the country. Net imports touched 20.8 million tonnes, slightly below the record levels of imports in December, which amounted in 20.9 million tonnes. The dollar traded at 1.3637 per euro at 10:25 a.m. Sydney time, down from U.S. $ 1.3500 touched on 9 April. According to the U.S. Energy Department on April 7, crude stocks rose 1.98 million barrels to reach 356.2 million, resulting in commissions to create a 7.1% higher than the average of the last five years. Total consumption of fuel in the U.S. decreased 0.6% reached 18.9 million barrels a day. Brent crude oil for May delivery was strengthened by 75 cents, or 0.9%, reaching 85.58 dollars a barrel on the ICE Futures Europe in London, and traded at 85.51 dollars at 8:54 a.m. Singapore time. On April 9, Brent crude rose 2 cents to close at 84.83 dollars a barrel.