Oil edges up, but still below 100 dollars

14:42, May 14, 2011      

Email | Print | Subscribe | Comments | Forum 

U.S. crude oil price edged up on Friday after an earlier drop on the stronger dollar, but still closed below 100 dollars a barrel for the third straight day.

The crude prices dropped earlier as the dollar rose against the euro on European debt concerns. The dollar index rose about 0.7 percent, pressuring the crude prices.

And the news that Libya's leader Muammar Gaddafi might have left capital city Tripoli and was likely wounded by NATO airstrikes also added pressure to crude markets.

U.S. crude future dipped to the lowest intraday level of 97.09 dollars a barrel.

But before the close the prices pared the losses and ended higher amid the pre-weekend short-covering.

After a volatile week, New York crude benchmark rose 2.47 dollars, or 2.54 percent compared to last Friday, but still settled below 100 dollars a barrel.

Light, sweet crude for June delivery rose 68 cents, or 0.69 percent, to settle at 99.65 dollars a barrel on the New York Mercantile Exchange. In London, Brent crude for June delivery also rose slightly and last traded near 114 dollars a barrel.

Source: Xinhua
BRICS Leaders Meeting 2011
Japan in aftershocks

  Weekly review  
May 12   No winners in U.S. hi-tech export controls
May 12   China should view livelihood issues from strategic perspective
May 11   Syria will not be another Libya
May 06   Beijing-Shanghai high-speed railway to launch 10-day trial run
May 14   The week in pictures
May 11   2000-year-old wine unearthed in Henan province
May 11   Scientist: China plans to build lunar research base
May 09   Apple employee, customer reach settlement after Beijing iPad brawl
May 12   Wenchuan Reconstruction: 'Chinese miracle' impresses world
May 12   No winners in U.S. hi-tech export controls


  • Do you have anything to say?


Special Coverage
  • Al-Qaeda Chief Osama bin Laden dead
  • BRICS Leaders' Meeting 2011
Major headlines
Editor's Pick
  • Stars attend screening of "Wuxia" at 64th Cannes Film Festival
  • 80 killed in twin Taliban blasts in NW Pakistan
  • Massive rally held in Yemen
  • "Ultraman" premieres in Shanghai, E China
  • Chinese pair Zhang and Cao win mixed doubles title at table tennis worlds
  • Chinese premier to visit Japan's disaster-hit areas
Hot Forum Dicussion