Monday, June 1, 2009

Oil prices in Asia Raw Now Go USD67

SINGAPORE - The price crude oil in Asia menguat back a position near tertingginya since last seven months, the trade Monday (1/6/2009). This occurred after a number of investors in the oil market responds menguatnya regional capital markets and weakening U.S. dollar. As dilansir of AFP, Senin (1/6/2009), to measure the main contract for the New York light crude oil type of sweet July delivery rose 56 cents to U.S. dollars level USD66, 87 per barrel. Meanwhile, for crude oil in North Sea Brent on the type of delivery in July, also menguat 54 United States cents to the dollar level USD66, 06 per barrel...[...] "Asia Oil Price menguat work this morning, in line with the movement of positive stock market in Asia. The strengthening of the rally in oil prices also encourage menguat, derived from the commodities sector, because the weakening USD," said energy analyst consultants Purvin and Gertz, Victor Shum, in Singapore. Weakening U.S. currency is made the price of oil is valued in dollars cheaper for the owner of the stronger currency and vice versa, tends to encourage demand and prices higher. Meanwhile, Kuwaiti Oil Minister Sheikh Ahmad Abdullah al-Sabah said Monday that the Organization member countries The Oil (OPEC) is not to benefit from high oil prices as this will weaken the global economy. Kuwait is one of the 12 member countries of OPEC, which is pumping as much 40 percent of world crude oil. (css) (rhs)(oz)

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