Crude oil was little changed above $77 a barrel in New York after rising as the dollar fell against the euro on speculation Greece won’t need a European Union bailout to meet deficit reduction targets. Oil climbed the most in more than four months yesterday as the euro rebounded from the lowest level against the dollar in nine months. A weaker U.S. currency bolsters the appeal of commodities as an alternative investment. Traders are looking to U.S. economic data releases today and tomorrow to confirm that the global economic rebound is continuing.
“Prices have just moved up on the euro,” said Ken Hasegawa, a commodity derivatives sales manager at broker Newedge in Tokyo. “If we continue to see strength, crude oil could be pulled up to $78.50. There are a lot of economic indexes to be published but those may still be fifty-fifty. They can’t all be positive.” Crude oil for March delivery traded at $77.24 a barrel, up 23 cents, in electronic trading on the New York Mercantile Exchange at 12:15 p.m. Singapore time. Yesterday, the contract rose $2.88, or 3.9 percent, to $77.01, the biggest percentage gain since Sept. 30.
There was no floor trading in New York on Feb. 15 because of the Presidents Day holiday. Electronic trades that day and yesterday’s session counted toward the settlement. Prices also gained after manufacturing in the New York region grew at the fastest pace in four months. The Federal Reserve Bank of New York’s general economic index rose to 24.9 this month, higher than anticipated, from 15.9 in January. Economists forecast the New York Fed’s index would increase to 18 in February, according to the median of 49 projections in a Bloomberg News survey.....Read the entire article.
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