Crude hovers around US$81 in Asia

11-Aug-10

Crude oil continues to linger at three month highs, around US$81 in Asian trading, boosted by progress in most Asian stock markets and a weaker dollar and weaker euro. Crude for September delivery rose to US$81.4 on the New York Mercantile Exchange. The Dow Jones industrial average has seen a 2% rise on better than expected manufacturing results in USA and Europe. A weaker dollar also helped boost crude since that makes commodities cheaper for investors with other currencies. The euro fell to US$1.3164 and the dollar eased to 86.35 yen from 86.46 yen.