Oil Rises above $68, Dollar Supports
Jun 23rd, 2009 | By Contrarian Profits | Category: Financial News, Oil Investment & Alternative EnergyOil rose above $68 a barrel on Tuesday, reversing earlier losses, supported by a weaker dollar and ahead of inventory data expected to show a fall in crude stocks.
U.S. crude for August was up 58 cents at $68.08, by 1212 GMT, off an earlier low of $66.37. U.S. crude for July delivery expired on Monday, settling down $2.62 at $66.93 a barrel.
London Brent crude rose 48 cents to $67.46.
The dollar fell more than 0.5 percent against a basket of currencies on Tuesday. A lower dollar can strengthen commodities denominated in the currency.
The market awaited U.S. weekly inventory data from the American Petroleum Institute due later on Tuesday and U.S. government oil stocks figures on Wednesday for clues on the demand outlook for the world’s top energy consumer.
A Reuters poll of analysts ahead of the government inventory data forecast crude stocks fell by 1.3 million barrels last week on lower imports, while gasoline stocks and distillates, including heating oil and diesel fuel, were seen rising.
The API will release its weekly stockpile data at 2030 GMT, while the U.S. Energy Information Administration will release its report on Wednesday at 1430 GMT.
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