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Saturday, November 5, 2011

Crude Oil Rises For Third Session In A Row; Firm Dollar Caps Gains : 05-11-11

Crude Oil Rises For Third Session In A Row; Firm Dollar Caps GainsCrude oil prices advanced for the third successive session on Friday as sentiments got support from the encouraging US jobs data which showed that unemployment ticked lower while the US economy added more jobs. However, the oil prices settled only with marginal gains as uncertainties over the future of Euro-zone loomed while the American greenback appreciated against a basket of currencies making the dollar denominated commodity costlier for holders of other currencies.

Benchmark crude for December delivery added $0.19, or 0.2% to settle at $94.27 a barrel on, after trading as high as $94.93 and as low as $90.87 on the New York Mercantile Exchange. In London, Brent crude for December delivery surged $1.14 to $111.97 a barrel, on the ICE Futures exchange.

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