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Oil drifts below $82 as month-long rally stalls
3/18/2010 10:00:00 PMAP – FILE - In this Jan. 22, 2010 file photo, Michael Lerner pumps gas into his car at the Speedway gas station … Oil Industry Video Link Auto Industry Video:Ft. Laud. Auto Show Helping Pinch Pennies On Gas CBS4 Miami Related Quotes Symbol Price Change ^DJI 10,779.17 +45.50 ^GSPC 1,165.82 -0.39 ^IXIC 2,391.28 +2.19 By ALEX KENNEDY, Associated Press Writer Alex Kennedy, Associated Press Writer – 1 hr 42 mins agoSINGAPORE – Oil prices drifted below $82 a barrel Friday in Asia, pulling back from a monthlong rally that was fueled by mostly positive news about the U.S. economy. Benchmark crude for April delivery was down 26 cents to $81.94 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract fell 73 cents to settle at $82.20 on Thursday. Crude jumped to $83 a barrel earlier this week from $69 early last month on expectations sluggish consumer demand will eventually catch up with a steadily improving U.S. economy. Some analysts say investor concerns that low interest rates and massive government spending could spark inflation will help keep crude prices from a protracted downturn. "Oil is receiving immense support from inflationary fears and a rising Dow Jones index," Sander Capital said in a report. "Oil should stay above $80 next week." The Dow Jones industrial average rose 0.4 percent Thursday, the index's eighth straight gain. In other Nymex trading in April contracts, heating oil fell 0.57 cent to $2.113 a gallon, and gasoline dropped 0.46 cent to $2.296 a gallon. Natural gas was steady at $4.085 per 1,000 cubic feet. In London, Brent crude was down 22 cents at $81.26 on the ICE futures exchange. Search Google for this story. |
