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Oil edges up, but still below 100 dollars

Oil&Gas Materials 14 May 2011 06:30
U.S. crude oil price edged up on Friday after an earlier drop on the stronger dollar, but still closed below 100 dollars a barrel for the third straight day, Xinhua reported.
Oil edges up, but still below 100 dollars

U.S. crude oil price edged up on Friday after an earlier drop on the stronger dollar, but still closed below 100 dollars a barrel for the third straight day, Xinhua reported.

The crude prices dropped earlier as the dollar rose against the euro on European debt concerns. The dollar index rose about 0.7 percent, pressuring the crude prices.

And the news that Libya's leader Muammar Gaddafi might have left capital city Tripoli and was likely wounded by NATO airstrikes also added pressure to crude markets.

U.S. crude future dipped to the lowest intraday level of 97.09 dollars a barrel.

But before the close the prices pared the losses and ended higher amid the pre-weekend short-covering.

After a volatile week, New York crude benchmark rose 2.47 dollars, or 2.54 percent compared to last Friday, but still settled below 100 dollars a barrel.

Light, sweet crude for June delivery rose 68 cents, or 0.69 percent, to settle at 99.65 dollars a barrel on the New York Mercantile Exchange. In London, Brent crude for June delivery also rose slightly and last traded near 114 dollars a barrel.

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