Dollar fall pushes up oil prices
US: The dollar's continuous devaluation pushed up oil prices again,
which exceeded $69 a barrel, after two days of regression.
The US light crude oil to be delivered in July rose $0.85, at $68.94
a barrel, after having reached a $69.37 ceiling. London's Brent crude
oil rose $0.94, at $68.82 a barrel, while the prices of the Organization
of Petroleum Exporting Countries (OPEC) increased to $67.02.
In Asia, oil prices also rose on Tuesday in the electronic
operations, pushed by the hope of an economic recovery, according to
Hydrocarbon international market analysts asserted that the foreign
exchange market has been influencing the increase in oil prices since
May, thus operators are looking more to the US dollar than to the raw
The oil prices have doubled their value, from the lowest reached in
the winter season, in line with the raw material and foreign exchange
The US dollar fell against the basket of currencies, from a ceiling
reached in two weeks, after US labor data was published and increased
expectancy in a rate increase of the Federal Reserve rates during the
They also asserted that the hope of a global economic recovery
sustains the current price rise.
For this purpose, the International Energy Agency expects that the
oil reserves in the countries of the Organization for Economic
Co-operation and Development (OECD), which gathers the most
industrialized countries with market economies, will decrease from 63 to
57 days by the end of 2009.
New York, Prensa Latina