Oil prices extend gains in trading on global demand

Crude oil prices climbed above $82 per barrel in electronic trading Monday afternoon in Asia, extending last week’s strength on an improving outlook for global demand. Crude for April delivery climbed as high as $82.08 a barrel on Globex before edging back a bit to $81.94, still up 44 cents. “Like most other commodities, oil prices rose after U.S. non-farm payrolls surprised to the upside,” analysts at Credit Suisse said in a research note Monday. Read full story on jobs. Oil markets managed to close the week above the $80 level, which is a “positive technical sign,” they said. Prices last week also found support after Chinese Premier Wen Jiabao said in his report to the Chinese legislature that he would maintain an 8% growth rate for the economy this year. The positive economic outlook raised prospects for oil demand. “In the past few days, market moves have been led by technicals,” said Tomokazu Amano, analyst at Mitsubishi Corp Futures & Securities in Tokyo. “Now that $80 or higher is here to stay, we are seeing an influx of speculative money from funds and others.” Money managers extended their net long crude oil futures positions on the New York Mercantile Exchange in the week to March 2, the Commodity Futures Trading Commission said on Friday. Oil prices trading steady around $80, stronger US dollar Oil prices trading around $80 on latest US inventory data Oil prices trading steady, awaits US crude inventory data Brent oil price hovers under $77 on higher dollar, markets Oil prices trading steady as US dollar makes gains Oil prices trading back over $80 mark on higher markets Oil prices trading higher, maybe closing in on $80 mark Oil prices trading around $74 in light holiday session US Light oil prices trading near $75, investors eye US dollar Oil prices trading with support around $73 on profit taking Oil prices up on short covering, US job Data next cue Oil prices trading around $77 after US oil demand data Oil prices trading steady around $73 amid worries over demand Light oil price trading under $76 on weak US demand Oil prices trading lower on stronger US dollar, demand Oil prices hold in Asian trading as regional demand picks up Brent oil price trading lower on global stock market falls US Light oil price trading down on Dubai fears Oil price falls back below $66, fuel demand may stall Light oil prices end the week well above $80 trading range

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Oil prices extend gains in trading on global demand