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Oil gains 4 percent on falling dollar and Iran talks.
Posted: 02/16/10
By: tomgrisafi
U.S Crude oil for March delivery settled at 77.01 today. Up $2.88 a barrel a gain of nearly 4%, is the highest spike since September 30th.
Phil Flynn, analyst at PFGBest Research in Chicago states "The oil market is reacting to the dollar being weak, and this is a big reason why crude futures are higher today".
This is one theory. Another theory for the rise in crude futures is talks of a proposed nuclear fuel swap involving Iran and President Ahmadinejad. The Iranian President implied that any country who imposed new sanctions on Iran would regret it's actions.
Ahmadinejad also said Tuesday that Iran is to pursue its plan for enriching high-grade uranium for its research reactor
U.S. oil inventory reports will be published a day later than usual this week because of Monday's holiday. The American Petroleum Institute will release statistics collated from industry sources on Wednesday, followed by government data from the Energy Information Administration on Thursday.
Source: Reuters
2 Comments
Guest
Posted: 02/17/10
Lets pray that we are not going to see another 2008 rally of crude oil.
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Guest
Posted: 02/17/10
Lets hope that crude oil is up due to the weakening dollar, and not due to the mess evolving in Iran!!