Oil prices add over two percent in brisk buying session

Oil prices are once again in the spotlight after a brisk buying session made oil prices jump over two percent in trading on Wednesday. US Light crude oil futures for May delivery climbed, adding $1.93 at $85.98 a barrel on the NYMEX, while in London, Brent crude oil futures gained $1.41 at $86.13 on the ICE Futures Exchange. The main driving factor for the increase in oil prices came as the latest EIA report stated that US crude oil inventories dropped by 2.2 million barrels, or 0.6 percent, to 354 million barrels, which is 3.5 percent below 2009 levels, the Energy Department’s Energy Information Administration said in its weekly report earlier today. Separately, the US dollar lost ground against the yen and fell against the euro on Wednesday over disappointment US Fed Chairman Ben Bernanke gave no new guidance on US interest rates. A lower US dollar generally makes commodities, including oil prices cheaper to buy for holders and traders of other currencies, and usually pushes oil prices higher. Oil prices start week trading around $85 on weak US dollar Light oil price touches $87 in trading, $100 oil soon? Light oil price trading up as US dollar takes a knock Crude oil prices hit 2010 trading high on falling US dollar Oil prices trading higher on Monday amid weaker US dollar Oil prices trading range at $80 mark on US Dollar Index Oil prices trading lower as US dollar makes gains Crude oil prices gain as traders eye global stock markets Oil prices trading down two percent on stronger US dollar Oil prices trading steady, eyes on US dollar index Oil prices trading near 2010 highs as OPEC holds output Crude oil prices trading lower on stronger US dollar Oil prices start week trading lower amid demand concerns Light oil prices end the week well above $80 trading range Oil prices trading near 2010 highs on latest US jobs data Oil prices trading steady around $80, stronger US dollar The Weekly Oil Futures Wrap at Live Oil Prices Oil prices trading steady after Thursday loss, eyes on dollar Oil prices trading down two percent on latest US jobs data Oil prices trading down two percent on stronger US dollar

View original here:
Oil prices add over two percent in brisk buying session