February 2010
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Page added on February 19, 2010

Crude oil ends weeks trading higher, back near $80

Crude oil prices end the week trading higher and closing in on 2010 highs despite a US government report showing a smaller than expected build in total petroleum inventories.

US Light crude oil futures for March delivery added 75 cents to settle at $79.81 a barrel on the NYMEX, while In London, Brent crude oil futures are trading close to the $78 mark on the ICE Futures Exchange.

Energy commodities gave back some of their earlier gains from that session after the Federal Reserve raised by 25 points to 0.75% the discount rate it charges banks for emergency loans in a move to tighten credit and strengthen the dollar.

Olivier Jakob at Petromatrix, Zug, Switzerland, said, “West Texas Intermediate was at a technical pivot yesterday, and it managed to hold firm on an intraday basis against the dollar.” Gasoline led the rise in oil prices “with the support probably coming from the low gasoline production and import numbers being reported, which will challenge the idea of further builds next week,” he said.

Meanwhile, there are various new reports and worries that troubles in Europe and the Middle East could eventually tighten crude oil supplies. Oil prices are also pointing higher after the US Department of Labor released its consumer price index that showed US prices rose 0.2% in January.