{"id":209,"date":"2008-05-21T10:46:00","date_gmt":"2008-05-21T10:46:00","guid":{"rendered":"http:\/\/www.the-finance-zone.co.uk\/uncategorized\/weak-dollar-pushes-oil-near-130\/"},"modified":"2008-05-21T10:46:00","modified_gmt":"2008-05-21T10:46:00","slug":"weak-dollar-pushes-oil-near-130","status":"publish","type":"post","link":"https:\/\/the-finance-zone.co.uk\/index.php\/2008\/05\/21\/weak-dollar-pushes-oil-near-130\/","title":{"rendered":"Weak dollar pushes oil near $130"},"content":{"rendered":"\n\n\n
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\"Azadegan\u00c2\u00a0<\/div>\n<\/td>\n<\/tr>\n<\/table>\n

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Oil prices have hit another intra-day high, flirting with the $130-a-barrel price level on increased concerns about supply and the weaker dollar.<\/strong><\/p>\n

In Asian trading, light, sweet crude hit $129.75 before falling back slightly to $129.45.<\/p>\n

Meanwhile, oil for delivery in 2016 was trading at around $130 – suggesting that this is the price firms expect to be paying in eight years time.<\/p>\n

Two weeks ago, Goldman Sachs said that a barrel could fetch $200 by 2010. <\/p>\n

In recent weeks, the rise in the oil price has been attributed to nerves about supply.<\/p>\n

China factor<\/strong><\/p>\n

However, the dollar weakness is also driving the oil price higher as investors look to buy commodities as a hedge against the currency, observers say.<\/p>\n

“We’ve seen an about-face turn on the dollar in the last couple of days,” said Mark Pervan, a Melbourne-based senior commodity strategist at ANZ Bank.<\/p>\n

“It looked like it was starting to recover, but I think there’s a less certain outlook at the minute.”<\/p>\n

Speculation that China would need to import more fuel in the aftermath of the earthquake there is also supporting prices, analysts say.<\/p>\n

Other factors thought to be spurring the oil price include the limited supply of refined products such as diesel ahead of the US driving season.<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

\u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 Oil prices have hit another intra-day high, flirting with the $130-a-barrel price level on increased concerns about<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_container_layout":"default_layout","colormag_page_sidebar_layout":"default_layout","footnotes":""},"categories":[35,48],"tags":[],"class_list":["post-209","post","type-post","status-publish","format-standard","hentry","category-oil","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/the-finance-zone.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/209","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/the-finance-zone.co.uk\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/the-finance-zone.co.uk\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/the-finance-zone.co.uk\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/the-finance-zone.co.uk\/index.php\/wp-json\/wp\/v2\/comments?post=209"}],"version-history":[{"count":0,"href":"https:\/\/the-finance-zone.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/209\/revisions"}],"wp:attachment":[{"href":"https:\/\/the-finance-zone.co.uk\/index.php\/wp-json\/wp\/v2\/media?parent=209"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/the-finance-zone.co.uk\/index.php\/wp-json\/wp\/v2\/categories?post=209"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/the-finance-zone.co.uk\/index.php\/wp-json\/wp\/v2\/tags?post=209"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}