Tuesday, May 12, 2009

Oil price jumps above $60

AFP - Wednesday, May 13LONDON (AFP) - - The price of New York crude oil surged above 60 dollars per barrel on Tuesday, hitting a six-month high on the back of the struggling US currency, traders said.

The euro soared above 1.37 dollars on Tuesday, hitting the highest level for one and a half months. A weak greenback stimulates demand for dollar-priced crude because it becomes cheaper for buyers using stronger currencies.

Picture of a drilling rig at the Vibora gas field, 800 km east of La Paz, Bolivia. The price of New York crude oil surged above 60 dollars per barrel, hitting a six-month high on the back of the struggling US currency.

From Yahoo! News; see the source article here.



Reblog this post [with Zemanta]

0 comments:

Post a Comment