Sindonews.com -oil prices in Asian trade early this morning ride, as the impact of the weakening US currency makes commodities cheaper.
New York's main contract, light sweet crude for April delivery rose 15 cents to USD93,21 a barrel in morning trade and Brent North Sea crude oil for September climbed 43 cents to USD109,40. April Brent contract closed 90 cents higher at USD109,42 which ended on Thursday.
Oil commodities in dollars becomes cheaper when the u.s. currency weakened, encouraging investors to buy and lead to higher prices.
"The weakening of the dollar helped support the price of crude oil," said Ker Chung Yang, senior analyst from Phillip Futures investment areas in Singapore, as reported by the Global Post, Friday (15/3/2013).
Oil prices were also boosted by the Labor Department data showing new claims for US unemployment benefits as much as 332.000 on the week ending March 9, a drop of 10,000 compared to the previous weekend.
Analysts said the employment data in the United States sparked optimism the sentiment in favor of expectations demand will increase in the world's largest oil consumer.
"Us jobless claims show labor market continues to improve," commented IG Markets in Singapore.
Finance; Investment; Business; Economics
Finance; Investment; Business; Economics
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