Crude futures swung near 145 U.S. dollars a barrel
Monday on mixed news of global supply concerns and dollar tradings.
Light, sweet crude for August delivery edged up 10 cents to settle
at 145.18 dollars a barrel on the New York Mercantile Exchange.
Price moved between 142.49 dollars and 146.37 dollars during the
trading session.
U.S. President Bush lifted an executive ban on offshore oil drilling
on Monday and urged the U.S. Congress to act as well in a bid
to cool the high energy prices. However, analysts do not believe
that such a move will ease the tight global crude supplies in
the short term, because it would take months or years to get actual
output from new fields even if the bans were removed.
The dollar gained marginally against the euro and yen on Monday
after the U.S. Federal Reserve and the Treasury Department announced
unprecedented steps to support the plummeting mortgage giants
Fannie Mae and Freddie Mac. But the dollar fell against the sterling
pound and the Swiss franc. The dollar's mixed trading contributed
to the fluctuating of the crude futures.
Meanwhile, supply concerns continued to weigh on the market as
Iranian officials said on Sunday that the country would fight
back against any attacks and "cut off the hands" of
invaders, and the oil workers in Brazil began a five-day strike
on Monday. Worries of disruptions of oil production and exportation
in Iran, Nigeria and Brazil sent the crude futures to an all-time
peak of 147.27 dollars a barrel on Friday.
In London, Brent crude for August delivery fell 57 cents to settle
at 143.92 dollars a barrel on the ICE Futures Exchange.
All rights reserved by FBIC Inc., do remember to show the source
(www.fsbic.com) of the news when copying.
