•Front-month ICE Brent futures traded above $105/barrel and NYMEX
WTI moved above $109/b for the first time in European morning trading as the
US dollar continued to decline against other currencies, sources said.
•"The dollar is getting hammered," one London-based broker said. "It's all
about the dollar this morning." The US Dollar Index slumped in early morning
trading moving to around 72.5 points as the Euro moved to a new high against
the US greenback of 1.5499.
•The energy complex has rallied significantly in recent sessions as funds
continue to invest heavily ignoring signs of slowing demand. Only a few
hours ago the IEAy trimmed its estimates of world oil demand and non-OPEC
oil supply for 2008 by around 100,000 b/d each. In its latest monthly
report, the Paris-based IEA said it now expected world oil demand to average
87.54 million b/d, 80,000 b/d less than it had previously predicted.
Updated: March 11, 2008
|
