Thu, Nov 26 2009
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Published November 02, 2009 10:04 am - Oil prices rose above $77 a barrel Monday in Asia, recovering some ground after a big fall, as investors eyed upcoming figures on the U.S. economy and a volatile dollar. Oil rises above $77 ahead of US economic reportsSINGAPORE (AP) — Oil prices rose above $77 a barrel Monday in Asia, recovering some ground after a big fall, as investors eyed upcoming figures on the U.S. economy and a volatile dollar.
Benchmark crude for December delivery was up 51 cents to $77.51 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract fell $2.87 to settle at $77.00 on Friday as the dollar gained and stock markets dropped on news U.S. consumer confidence had plunged in September. Investors will be looking to a slew of economic indicators this week for further clues about the strength of the U.S. economic recovery. The Labor Department’s October employment report will likely be the most closely watched report, but data on manufacturing, services and home sales could also move markets. The Federal Reserve will also comment after a two-day meeting on interest rate policy. Oil has slumped from its 2009 high of $82 a barrel last month as the dollar reversed some of its earlier losses. The euro rose to $1.4753 in early Asian trading Monday from $1.4714 on Friday while the dollar rose to 90 yen from 89.67. Investors will also be paying attention to third quarter corporate earnings results this week. Ford Motor Co., Cisco Systems Inc., Kraft Foods Inc., Marathon Oil Corp., Starbucks Corp. and Time Warner Inc. are scheduled to report. In other Nymex trading, heating oil rose 1.87 cents to $2.02 a gallon. Gasoline for December delivery gained 1.45 cents to $1.97 a gallon. Natural gas for December delivery was flat at $5.05 per 1,000 cubic feet. In London, Brent crude for December delivery rose 61 cents to $75.81 on the ICE Futures exchange. 
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