News

February 26, 2010

With Little News, Good Or Bad, To Move The Market The Oil Price Remains Steady At Just Under US$79 A Barrel

By Eithne Treanor

The uncertainty of the global economy continued to weigh on the oil market this week. The dollar gained little strength and the Eurozone stayed stagnant. Crude stocks continue to be high and with little real news to move the market, oil was trading close to US$79 a barrel in early trade on Friday.

Analysts looking at the data from the US are not optimistic about any surge in home sales, consumer sentiment or increased employment. This does not bode well for the world’s biggest consumer or the energy market as prices have become extremely sensitive to economic news. The Federal Reserve Chairman, Ben Bernanke said it was necessary to keep interest rates low at a time of high unemployment and low inflation in an attempt to boost American consumer demand. “The dollar's sell-off came after...