Crude rises by over $1/b on weaker dollar and
firmer equities
London (Platts)--16Feb2010/638 am EST/1138 GMT
Crude futures were higher during morning trade as a weaker dollar
and firmer equity markets helped support the crude complex, sources
said.
The market remained heavily focused on the European Union and
in particular on the possible resolution of the Greek debt crisis,
sources said.
At 11:09 GMT, the front month ICE Brent contract traded at
$73.92/barrel, a $1.39 rise. The NYMEX WTI contract traded at $75.27/b,
a $1.14 rise.
In the currency markets the dollar edged lower to trade at
80.153 index points on the ICE index, a 0.179 overnight fall.
"Currency markets are still waiting for more details with
respect to the Greek rescue package, and in this regard, we may get
something later on Tuesday when European finance ministers are scheduled
to meet," energy analyst Edward Meir said in an MF Global report.
"In the meantime, the dialogue between the EU and Greece is
starting to get nastier, with the EU blaming questionable Greek swap
deals for covering up the true nature of the country's finances and
demanding steep cuts in spending, while the Greeks are claiming that the
swap transactions were perfectly legal at the time, and asking for
understanding as well as more help," Meir said.
--George Johnson, george_johnson@platts.com
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