Oil trades near $US106 on weak dollar

[2008-4-7]

Crude oil traded near $US106 a barrel in New York after gaining 0.6% last week as the sliding US dollar and concern that the country is slipping into a recession prompted investors to buy commodities.

Prices rose late last week as the dollar fell and a report showed US gasoline stockpiles unexpectedly dropped. World oil supplies are adequate and the Organization of Petroleum Exporting Countries has no plan to review output before September, Secretary-General Abdulla El-Badri said April 5.

Crude oil for May delivery was at $US106.08 a barrel, down 15 cents, in after-hours electronic trading on New York Mercantile Exchange at 8.10am in Sydney.

The contract rose $US2.40, or 2.3%, to $US106.23 a barrel on April 4. Prices rose after a report showed US employment fell for a third month in March, pushing the dollar lower and spurring investor demand for commodities as an inflation hedge.

Brent crude for May settlement rose $US2.38, or 2.3%, to $US104.90 a barrel on London's ICE Futures Europe exchange on April 4, the highest close since March 27.

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