Oil ends the week above US$50

27-Apr-09
On Friday, light sweet crude oil for June delivery increased by almost 2 dollars to US$51.55, mainly on news of encouraging earnings from Ford (F) that aroused hopes of improved energy demand, propped by a weakening US dollar that supports crude's hedge value. Stocks improved in USA and Europe after struggling automaker Ford (F) reported a sharply smaller than anticipated loss in Q1. The dollar tumbled to a new multi-week low against the yen and an 11-day low against the euro and the franc as ongoing concerns about the US stress tests on banks prompted investors to sell the US currency.
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