Oil Price now rises to $91.56 in U.S; Positive Data Shown by U.S. Markets

Oil Prices in US - March.gif

Oil is being traded in New York Market that rises on 17 of March’13 to its highest level since the beginning of March, a day marked by a new positive data on the U.S. labor market and to the weak dollar.

At the conclusion of the regular session on the New York Mercantile Exchange (Nymex), the contract Texas Intermediate (WTI) for delivery in March rose 1.24 percent to close at 91.56 dollars a barrel.

The price of Brent crude oil for April delivery today registered a rise of 0.08 percent on the London futures market, to close at 111.15 dollars. The WTI rose sharply after it was learned that requests for jobless benefits in the U.S. fell last week by 7,000 people, according to the Labor Department. The figure was well on its lowest level since mid-January while the average in the last four weeks, which is a more reliable indicator of trends, was at its lowest level since March 2008.

In crude oil prices also affected the dollar showed weakness against the euro and other currencies. The decline of the dollar tends to push higher oil prices and other commodities since, trading in that currency, are relatively cheaper with a weaker dollar.

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