Paying more at the pumps as Oil price hits new high for 2009
Pastor Dale Morgan
*Paying more at the pumps as Oil price hits new high for 2009*
BBC - The price of oil has reached a new high for 2009, continuing its
recent rise on the back of the weak US dollar and strong US company results.
US crude rose 52 cents to $79.05 a barrel in early trading, before
slipping back to $78.78, up 25 cents on Friday's close.
London Brent also traded higher, up 22 cents at $77.11 a barrel.
Oil prices surged last week, as encouraging US bank results fuelled
optimism for the global economy.
Analysts said the short-term direction of the oil price would depend on
the dollar and the next round of corporate results out this week.
"Oil prices are now trading at very high levels considering the fact
that we're still seeing very high stockpiles in the US," said David
Moore, a commodities analyst at the Commonwealth Bank of Australia.
"Crude may trade sideways today, getting direction from the US dollar
and the equities market."
The dollar lost more ground against the euro in early trading, falling
to $1.4936.