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Wednesday, December 30, 2009

Oil Stays Firm As Yen Supports

Oil futures traded firm as the Yen slipped to 2 month lows against the US dollar. Oil was also supported by the recent unrest in Iran, cold weather in US. This off set the gains in the oil futures even though the US dollar rallied today against most of the currencies. 

Iran continued a crackdown on opposition protests after at least eight people were killed in clashes with security forces. Iran is the second-largest oil producer in the Organization of Petroleum Exporting Countries, after Saudi Arabia.

Cold weather will raise U.S. consumption of heating fuels by 6.7 percent in the next seven days, according to forecasts from Weather Derivatives. The temperature in New York may fall as low as 20 degrees Fahrenheit (minus 7 Celsius) today, 5 degrees below average, according to Weather.com.

Benchmark crude for February delivery was up 12 cents to $78.99 a barrel in electronic trading on the New York Mercantile Exchange. The contract added 10 cents to settle at $78.87 on Tuesday.

In foreign exchange markets, the U.S. dollar extended recent gains against the yen, touching its highest level since October, supported by an up trend in long-term U.S. interest rates. The greenback also advanced against the euro as a ratings downgrade of Abu Dhabi Commercial Bank by Moody's Investors Service weighed on the risk-sensitive common currency.

MCX January crude oil futures are trading near the Rs 3700 mark, up nearly Rs 10 from yesterday's closing. It may trade in the range of 3710-3660 levels today.
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