• Inside Labour

    Terry Bell explores the connection between poultry, poverty and desperation.

  • A new ANC sweeper?

    Have the Guptas' new auditors mastered how to look the other way on cue, asks Solly Moeng.

  • Strategy for the big boys

    Formulating strategy across the span of huge companies is a marathon, says Ian Mann.

All data is delayed
See More

Oil rises amid weaker dollar

May 18 2011 09:31
Singapore - Oil prices rose to near $98 a barrel Wednesday in Asia as the dollar weakened and a crude supply report showed mixed signs about U.S. demand.

Benchmark crude for June delivery was up 96 cents to $97.87 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract lost 47 cents to settle at $96.91 on Tuesday.

In London, Brent crude for June delivery was up 69 cents to $110.68 a barrel on the ICE Futures exchange.

The American Petroleum Institute said late Tuesday that crude inventories rose 2.7 million barrels last week, more than the increase of 500 000 barrels predicted by analysts surveyed by Platts, the energy information arm of McGraw-Hill Cos.

However, inventories of gasoline, which have dropped 12 straight weeks, fell by 676 000 barrels last week and distillates dropped 2.8 million barrels, the API said.

The Energy Department's Energy Information Administration reports its weekly supply data later Wednesday.

A weaker US dollar, which makes oil less expensive for investors with other currencies, helped push crude higher.

The euro rose to $1.4278 on Wednesday from $1.4236 late Tuesday while the dollar slid to 81.12 yen from 81.43 yen.

Oil has dropped from near $115 on May 2 amid investor concern global demand is waning. Traders are worried that recent Chinese efforts to contain inflation by raising lending rates will slow economic growth and commodity consumption.

"Expectations that buoyant Chinese demand will drive commodity prices ever higher have been looking increasingly shaky," Capital Economics said in a report. "China's imports of many key commodities have actually been falling in recent months."

In other Nymex trading in June contracts, heating oil rose 3 cents to $2.87 a gallon and gasoline gained 3 cents to $2.95 a gallon. Natural gas futures increased 1.4 cents to $4.20 per 1 000 cubic feet.




Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Company Snapshot

We're talking about:


Marketing is a big concern in SA's small business community, followed by a lack of confidence and partnering with the wrong people, according to a survey.

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

The drop in inflation:

Previous results · Suggest a vote