Oil settles below 85 dollars as demand concerns weigh

08:30, April 13, 2010      

Email | Print | Subscribe | Comments | Forum 

Oil prices fell for a fourth day on Monday despite a weak dollar and upbeat reports on Greece rescue and company takeovers.

Market sentiment was boosted on Monday as euro zone nations' agreement on a 30-billion-euro package to Greece eased investors' concerns over the debt crisis. The above report also pushed euro higher, and the dollar weakened against a basket of currencies.

However, energy commodities, which are priced in the dollar, didn't follow the usual inverse correlation with the currency. Crude futures dropped to as low as 84.08 U.S. dollars a barrel in New York trading.

Analysts believed that the strong rally between end of March and early April, which sent oil prices to 86.84 dollars from 80 dollars, has no fundamental support and the still-weak demand does not justify a 85-dollar oil.

According to latest government data, U.S. commercial crude inventory has been rising for ten consecutive weeks.

Light, sweet crude for May delivery fell 58 cents to settle at 84.34 dollars a barrel on the New York Mercantile Exchange.

In London, Brent crude for May delivery fell 5 cents to 84.78 dollars a barrel on the ICE Futures Exchange.



  • Do you have anything to say?


Special Coverage
  • Premier Wen Jiabao visits Hungary, Britain, Germany
  • From drought to floods
Major headlines
Editor's Pick
  • On Sept. 26, a resident passes by a flower terrace decorated for the coming National Day. (Xinhua/Hang Xingwei)
  • The photo, taken on Sept. 26, shows the SWAT team ready for the joint exercise. (Xinhua/Wangkai)
  • Two metro trains in Shanghai collided Tuesday afternoon, and an identified number of passengers were injured in the accident, the Shanghai-based eastday.com reported. Equipment failures were believed to have caused the crash on the Line 10 subway, Xinhua quoted local subway operator as saying.
  • An employee at a gold store in Yiwu, located in east China's Zhejiang province, shows gold jewelry on Monday.(Xinhua/Zhang Jiancheng)
  • Tourists ride camels near China's largest desert lake Hongjiannao in Yulin, north China's Shaanx Province, Sept. 24, 2011. Hongjiannao is shrinking as a result of climate change and human activities, and may vanish in a few decades. Its lake area, which measured more than 6,700 hectares in 1996, has shrunk to 4,180 hectares. Its water level is declining by 20-30 centimeters annually and its water PH value has risen to 9.0-9.42 from 7.4-7.8. (Xinhua/Liu Yu)
  • Actors perform royal dance at the Gyeongbok Palace in Seoul, Sept. 27, 2011. A ceremony commemorating the 38th South Korea Sightseeing Day was held in Gyeongbok Palace on Tuesday. (Xinhua/He Lulu)
Hot Forum Discussion