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Oil around $60 amid weakening US dollar

business Updated: May 22, 2009 22:49 IST
Oil around $60 amid weakening US dollar

Crude oil futures traded within a narrow range on Friday amid a weakening dollar.

Benchmark crude for July delivery fell 6 cents to $60.99 a barrel on the New York Mercantile Exchange. In London, Brent prices rose 12 cents to $60.05 a barrel on the ICE Futures exchange. The dollar fell on Friday to a four-month low against the euro. By midday, it was trading at $1.3979. The dollar bought 94.67 yen, down from 99 yen two weeks ago.

Olivier Jakob of Petromatrix in Switzerland said that oil prices holding on near $60 a barrel was a "further sign of confirmation that crude oil is starting to have a trading life of its own rather than being a pure correlation to equities."

Oil supplies have been in flux recently. OPEC countries have boosted exports by an estimated 200,000 barrels a day in the four weeks to June 6, according to tanker tracker Oil Movements. Analyst Addison Armstrong also noted that Nigerian crude production dwindled to half the country's total capacity in April amid renewed fighting with militants who want to remove all oil workers from the region.

In other Nymex trading, gasoline for June delivery rose 1.11 cents to $1.8108 a gallon and heating oil gained 0.6 cent to $1.5354 a gallon. Natural gas for June delivery was up 0.2 cent to $3.605 per 1,000 cubic feet.