Crude oil ends weeks trading higher, back near $80

Crude oil prices end the week trading higher and closing in on 2010 highs despite a US government report showing a smaller than expected build in total petroleum inventories. US Light crude oil futures for March delivery added 75 cents to settle at $79.81 a barrel on the NYMEX, while In London, Brent crude oil futures are trading close to the $78 mark on the ICE Futures Exchange. Energy commodities gave back some of their earlier gains from that session after the Federal Reserve raised by 25 points to 0.75% the discount rate it charges banks for emergency loans in a move to tighten credit and strengthen the dollar. Olivier Jakob at Petromatrix, Zug, Switzerland, said, “West Texas Intermediate was at a technical pivot yesterday, and it managed to hold firm on an intraday basis against the dollar.” Gasoline led the rise in oil prices “with the support probably coming from the low gasoline production and import numbers being reported, which will challenge the idea of further builds next week,” he said. Meanwhile, there are various new reports and worries that troubles in Europe and the Middle East could eventually tighten crude oil supplies. Oil prices are also pointing higher after the US Department of Labor released its consumer price index that showed US prices rose 0.2% in January. Oil prices trading down two percent on stronger US dollar Asia executives looking to $90 plus 2010 crude oil prices Oil prices trading lower after loosing two percent Monday Oil prices trading steady, awaits US crude inventory data The Weekly Oil Futures Wrap at Live Oil Prices Brent oil price trading under $76 on Greece Worries Oil prices trading down two percent on latest US jobs data Brent oil price trading near $80 mark on weaker dollar Light oil prices trading around $74, eyes on US Dollar Brent oil price trading steady on higher US stocks data Oil prices & commodities trading higher, US dollar slides Oil prices trading higher amid stronger US Dollar, Europe Crude oil prices trading higher, eyes on US Dollar Index Morgan Stanley forecast oil prices trading at $110 in 2010 Crude oil prices may hit record highs if the US attacks Iran Oil prices to be trading above $90 a barrel says Citigroup Brent oil prices trading around $71, heading lower? Oil prices trading higher as IEA raises 2010 forecast Oil price trading around $77 amid mixed crude demand signs Brent oil price trading up on latest positive US GDP data

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Crude oil ends weeks trading higher, back near $80