Oil at $82 Dollars Supported by the Weak Dollar
Posted on March 12, 2010 by Shay Greenberg for Luckyroom.com
The price of crude oil is rising to more than $82 a barrel as it is supported by a weak dollar and from forecasts for growth in energy demand in developing countries. “The dollar affects prices as the oil market is mainly driven by external factors,” commented analyst at Commerzbank. The U.S. currency has recorded growth rates above 7% over a range of foreign currencies by the end of November, boosting the purchasing power of oil exporters, including countries which are OPEC members.
At 10:45 GMT light crude rose 49 cents to $82.60 a barrel. On Wednesday it had strengthened up to $83.03 a barrel the highest since Jan. 11.In London, the price of Brent oil type was modulated at $ 80.76 a barrel, increased by 48 cents. The higher prices also contribute to today’s report by the International Energy Agency (IEA), which has revised its forecast for global oil demand upwards.
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