New York crude tops US$100 on weak dollar
2011-05-19 15:11:42
New York oil prices surged above $100 a barrel on Wednesday, lifted by a weak dollar and an unexpected stabilisation in US crude stockpiles.
New York's main contract, light sweet crude for June, soared $3.19 to close at $100.10 a barrel, topping the $100 threshold for the first time since Friday.
In London, Brent North Sea crude for delivery in July leaped $2.31 to $112.30 a barrel.
"Commodities all around are being bought," said Tom Bentz at BNP Paribas.
Prices spiralled upward after the US government's Department of Energy (DoE) announced on Wednesday that American crude stockpiles had failed to rise as expected in the week ending May 13.
Stockpiles steadied last week, bucking forecasts for a rise of 700,000 barrels, according to analysts polled by Dow Jones Newswires.
"By no means is it bullish but the market takes it as somewhat supportive," Bentz said.
The dollar weakened, making dollar-priced commodities more attractive to buyers.