Low Confidence & Weak Dollar Drive Up Oil Price
The AFP Reports:
World oil prices were higher on Thursday, winning support from firmer equities and the weaker dollar after recent falls that were sparked by downbeat news in key consumer the United States.
New York’s main contract, light sweet crude for delivery in September, climbed 29 cents to 77.28 dollars a barrel.
Brent North Sea crude for September gained 28 cents to 76.34 dollars in early afternoon London deals.
Analysts said the weaker dollar spurred some buying because oil is traded in the US currency, making the commodity cheaper for holders of stronger units
These higher prices contributed in part to Exxon-Mobil’s stellar earnings report: “Exxon reported a profit of $7.56 billion, or $1.60 a share, up from $3.95 billion, or 81 cents, a year earlier. Revenue rose 24% to $92.48 billion. Analysts polled by Thomson Reuters most recently forecast earnings of $1.46 on revenue of $98.49 billion.”