Wednesday, August 31, 2011

Oil rises above $114

01 September 2011
LONDON — Oil prices rose slightly yesterday as traders tracked buoyant global equity markets, upbeat economic data and sliding gasoline reserves in top crude-consuming nation the United States.
By 1:25 pm EDT, Brent crude was up 89 cents at $114.91 a barrel, after touching a four-week high of $115.19, on track to post its seventh consecutive day of gains.
Spot gold was down 0.7 per cent at $1,824.50 an ounce as rising equity markets weakened safe-haven bids. But it was sharply off early session lows as the US economic data raised hopes the Federal Reserve would use additional stimulus to boost economy.
In currency trading, the dollar fell against the yen, touching 76.84 yen and marking a new bottom since August 19. For the month, the dollar was flat against a basket of currencies.
Wall Street rallied more than one per cent. European stock markets bounced higher, with Frankfurt, London and Paris also soaring. — AFP


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