Crude Oil Pares Earlier Gains to Trade Little Changed Around $80
March 2nd, 2010 | File Under : Coal - Trade & Market
Crude oil for April delivery was little changed at $79.57 a barrel as of 12:28 p.m. London time in electronic trading on the New York Mercantile Exchange as the dollar strengthened against the euro.
The dollar reversed earlier losses to strengthen to $1.3529 against the euro. A stronger dollar may reduce the appeal of commodities as a hedge against inflation.
Crude oil earlier rose as much as 1.2 percent to $80.62 on expectations that economic growth in the U.S. will boost fuel demand in the world’s largest energy consumer and after a Feb. 27 earthquake in Chile boosted copper prices.
source : Bloomberg.com
Find More Other News : copper prices - fuel demand - New York Mercantile Exchange