Oil stable in Asian trade against firm dollar
December 15, 2009
New York's main futures contract, light sweet crude for delivery in January, was unchanged at USD 70.69 a barrel.
Brent North Sea crude for delivery in January gained 16 cents to USD 72.05. The contract will terminate later today.
The market rose as traders cashed in on a recent price drop, hoping to offset potential weakness from a strengthening greenback, analysts said.
"The firmer tone of the US dollar was a negative for the oil price, but the fall in prices over the past week attracted some buying," said the Commonwealth Bank of Australia in a report.
Crude prices were also supported by the latest Organisation of Petroleum Exporting Countries (OPEC) prediction that global energy demand will rebound next year, the bank added.