Oil Prices Rises "Friday in Asia"

By AP:Oil prices rose to near $ 85 a barrel Friday in Asia, boosted by a recovery in global stock market and a stronger euro.

The reference oil for July delivery rose 65 cents to $ 84.56 a barrel by late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract rose $ 1.29 to settle at $ 83.91 in New York Thursday.

In London, Brent crude for August delivery was up 67 cents to 97.84 dollars a barrel on the ICE Futures exchange.


Traders in the oil often turn to equity markets as a barometer of investor sentiment in general. The Dow Jones Industrial Average rose 1.2 percent Thursday amid speculation central banks may announce stimulus measures to help stimulate global economic growth signaling. Most Asian and European stock markets gained Friday.
Gross also won because of a stronger euro, which rose $ 1.2627 $ 1.2600 from Thursday night in New York. A weaker U.S. dollar makes the products sold in dollars such as oil cheaper for investors with other currencies.
A turning point for the global economy and financial markets may come from the elections in Greece this weekend that could determine whether the country remains in the euro common currency. A sudden release of the euro by Greece could trigger panic and the spread of a financial crisis that undermines economic growth.
"Even with a favorable outcome to the Greek elections of Sunday, intractable debt problems in other countries like Spain and Italy remain to be addressed," energy traders and consultants Ritterbusch and Associates said in a report.
On Thursday, the Organization of Petroleum Exporting Countries said in a quarterly meeting in Vienna that the group would leave production quotas unchanged gross. The cartel has suggested he is ready to cut supplies quickly if crude demand slowing sharply.
In energy trading on the other hand, heating oil rose 1.7 percent to $ 2.64 a gallon while gasoline increased term of 2 cents to $ 2.62 a gallon. Natural gas gained 2.4 cents to $ 2.52 per 1,000 cubic feet.