Commodities: Crude settles above $80

Date: Thursday 04 Mar 2010

Oil prices rose on Wednesday as Greece outlined austerity measures that will cut its massive debt burden.

The announcement sent the euro higher and the dollar lower. Crude oil futures gained $1.19 a barrel to settle at $80.87 a barrel in New York.

Brighter economic prospects in Europe overshadowed data showing a surprise increase in crude oil stockpiles. In its weekly inventory report the Energy Information Administration said crude inventories rose by over 4m barrels. Analysts expected a build of around 1m barrels. Gasoline stockpiles climbed 700,000 barrels while distillate inventories declined 900,000 barrels.

Encouraging US job data alongside the upbeat news from Greece encouraged risk appetite, helping crude and gold higher.

Gold for April delivery rose $5.90 to $1,143.30 an ounce. Pressure on the dollar gave commodities a boost. Earlier in the session gold rose to a high of $1,145.80, the highest level since the start of 2010.

Silver for May delivery rose 27 cents to $17.33 an ounce.

« Go back to news channel

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE