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All.BizUnited KingdomNewsPower marketOil lingers above $91 a barrel in Asia

Oil lingers above $91 a barrel in Asia

19 Jan 2011 10:12 | Power market

Oil prices lingered above $91 a barrel Wednesday in Asia, underpinned by a rise in regional stock markets and raised demand forecasts for this year.

Benchmark crude for February delivery was up 15 cents at $91.53 a barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract, which expires this week, fell 16 cents to settle at $91.38 on Tuesday.

Regional stock markets, which often provide a cue for the oil market, were higher after Apple Inc. and IBM Corp. reported strong quarterly earnings.

The euro, meanwhile, was higher against the dollar, making crude less expensive for buyers holding the European common currency. The previous day the dollar fell to a one-month low against the euro as investors believe European officials will soon beef up the region's plans for countering its debt crisis.

Also underpinning oil were higher demand forecasts released over the past two days from the Organization of Petroleum Exporting Countries and the International Energy Agency.

The Paris-based IEA predicts oil demand this year will rise to 89.1 million barrels a day, up from 87.7 million barrels a day in 2010. Last month the IEA forecast 2011 oil demand would hit 88.8 million barrels a day.

In other Nymex trading in February contracts, heating oil was flat at $2.65 a gallon while gasoline was up 0.3 cent at $2.48 a gallon. Natural gas fell 0.5 cent to $4.42 per 1,000 cubic feet.

In London, Brent crude was down 5 cents at $97.75 a barrel on the ICE futures exchange.


Source:  breitbart

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