Oil prices rose on Monday, extending last week's late rebound after the dollar fell and a fire hit a U.S. refinery.
Light, sweet crude for May delivery on the New York Mercantile Exchange rose 32 cents to $106.55 a barrel by 8:50 IST.
The dollar came under pressure after a U.S. government report showed employers slashed payrolls a third straight month in March, cutting 80,000 jobs, the biggest monthly decline in five years.
Investors have been shifting funds toward the commodities sector for years, a trend that many analysts see continuing as they seeking protection from inflation.
Gains were also fuelled by news of a fire at Exxon Mobil's 150,000 barrel per day Los Angeles-area refinery in Torrance, California, which forced the closure of a hydrotreater, raising concerns about summer gasoline supplies.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment