Oil prices closing out week with 2016 highs

AFP, LONDON: Oil prices hit 2016 highs yesterday, rounding off a strong week for crude which has won support from a weaker dollar. Dollar-denominated oil has become more attractive for buyers of rival currencies despite lingering concerns about a global supply glut, thanks to the US unit falling heavily, particularly against the yen. This came after the US Federal Reserve held interest rates unchanged at its policy meeting, signalling it was in no hurry to raise rates. The dollar has since fallen sharply against the yen after the Bank of Japan decided against additional stimulus measures for the struggling Japanese economy.
On Friday, the Brent oil contract reached $48.50 a barrel -- the highest level since early November.
US benchmark West Texas Intermediate (WTI) hit a near six-month peak at $46.63.
Brent is meanwhile on course for its best monthly gain since May 2009, noted David Cheetham, analyst at trading firm XTB, on the final trading day of April.
"The 22 percent rise so far in April has seen the market move back above the $48 handle for the first time since early November," he added.
Around 1045 GMT, Brent North Sea crude for delivery in June was slightly off Friday's high, though still up 16 cents compared with Thursday's close, at $48.30 a barrel.
WTI for June stood at $46.45, up 42 cents.

 

Oil prices closing out week with 2016 highs

AFP, LONDON: Oil prices hit 2016 highs yesterday, rounding off a strong week for crude which has won support from a weaker dollar. Dollar-denominated oil has become more attractive for buyers of rival currencies despite lingering concerns about a global supply glut, thanks to the US unit falling heavily, particularly against the yen. This came after the US Federal Reserve held interest rates unchanged at its policy meeting, signalling it was in no hurry to raise rates. The dollar has since fallen sharply against the yen after the Bank of Japan decided against additional stimulus measures for the struggling Japanese economy. On Friday, the Brent oil contract reached $48.50 a barrel -- the highest level since early November. US benchmark West Texas Intermediate (WTI) hit a near six-month peak at $46.63. Brent is meanwhile on course for its best monthly gain since May 2009, noted David Cheetham, analyst at trading firm XTB, on the final trading day of April. The 22 percent rise so far in April has seen the market move back above the $48 handle for the first time since early November, he added. Around 1045 GMT, Brent North Sea crude for delivery in June was slightly off Fridays high, though still up 16 cents compared with Thursdays close, at $48.30 a barrel. WTI for June stood at $46.45, up 42 cents.