April 21, 2010 at 10:15
SINGAPORE (Commodity Online) : World oil prices extended gains in Asian trade Wednesday amid optimism about the state of the economy and the prospect of transatlantic air travel resuming.
Light sweet crude for June delivery was seen trading at $84.29 a barrel at 11.30 a.m Singapore time while Brent crude was at $85.16 a barrel at the same time.
The front-month U.S. crude contract has rebounded almost 5 percent from a low of $80.53 two days ago, helped by Tuesday's expiration of the May contract.
The U.S. government sued Goldman Sachs on Friday, as disruptions to European travel due to an ash cloud from an eruption in Iceland entered their second day. Jet fuel demand increased on Tuesday as flight bans were lifted.
Prices also got a boost from unexpected drops in U.S fuel inventories last week and a larger-than forecast decline in crude inventories reported by the industry-funded American Petroleum Institute on Tuesday.
On Tuesday, oil prices rose dramatically in New York trade, amid optimism about the state of the economy and the prospect of transatlantic air travel resuming.
New York's main contract, light sweet crude for delivery in May, rose two dollars a barrel to $83.45 , erasing Monday's losses.
London's Brent North Sea crude for June rose 57 cents a barrel to $84.80 .
Oil prices had tumbled on Monday, closing down almost two dollars, amid concerns over fraud charges against Wall Street icon Goldman Sachs and the closure of European airports due to volcanic ash from an Iceland volcano.
Source: http://www.commodityonline.com/news/Oil-edges-above-$84-in-Asian-trade-27533-3-1.html
SINGAPORE (Commodity Online) : World oil prices extended gains in Asian trade Wednesday amid optimism about the state of the economy and the prospect of transatlantic air travel resuming.
Light sweet crude for June delivery was seen trading at $84.29 a barrel at 11.30 a.m Singapore time while Brent crude was at $85.16 a barrel at the same time.
The front-month U.S. crude contract has rebounded almost 5 percent from a low of $80.53 two days ago, helped by Tuesday's expiration of the May contract.
The U.S. government sued Goldman Sachs on Friday, as disruptions to European travel due to an ash cloud from an eruption in Iceland entered their second day. Jet fuel demand increased on Tuesday as flight bans were lifted.
Prices also got a boost from unexpected drops in U.S fuel inventories last week and a larger-than forecast decline in crude inventories reported by the industry-funded American Petroleum Institute on Tuesday.
On Tuesday, oil prices rose dramatically in New York trade, amid optimism about the state of the economy and the prospect of transatlantic air travel resuming.
New York's main contract, light sweet crude for delivery in May, rose two dollars a barrel to $83.45 , erasing Monday's losses.
London's Brent North Sea crude for June rose 57 cents a barrel to $84.80 .
Oil prices had tumbled on Monday, closing down almost two dollars, amid concerns over fraud charges against Wall Street icon Goldman Sachs and the closure of European airports due to volcanic ash from an Iceland volcano.
Source: http://www.commodityonline.com/news/Oil-edges-above-$84-in-Asian-trade-27533-3-1.html
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