Weakening dollar, bullish elements in weekly oil inventories report prop up oil prices

26-Feb-10
New York's main futures contract, light sweet crude for April delivery, rose to US$80 a barrel, almost wiping out Tuesday's loss after five consecutive sessions of gains. Brent North Sea crude for April delivery rose to US$78 in London. Oil prices have been boosted by a weakening dollar and some bullish elements in the US government's weekly oil inventories report. As per the report, crude reserves jumped by 3 million barrels last week in the United States, suggesting weak demand. However, an unexpected fall to 900,000 of gasoline inventories, supported crude prices. The strike at Total’s refineries in France ended as Total made a formal agreement with unionized workers that it would not shut or sell its refineries in France in the next five years -- but the accord does not cover the plant at the heart of the strike, in Dunkirk. The decision on the Dunkirk refinery will be taken at a works committee meeting on March 8, and the CGT and other unions warned they may strike again at that date.
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