This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Oil Price Rises To Near $94 As Euro Gains

By PAMELA SAMPSON

BANGKOK (AP) â¿¿ The price of oil rose Tuesday as the dollar fell against the euro following weak U.S. jobs data.

Benchmark oil for May delivery was up 24 cents to $93.60 per barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract rose 66 cents to finish at $93.36 a barrel on the Nymex on Monday.

Analysts attributed the rise in oil prices to the rebound of the euro against the dollar. A weaker dollar makes oil, which is traded in dollars, more affordable for investors holding other currencies. The euro rose to $1.3047 from $1.3007 late Monday in New York.

Matt Basi of CMC Markets attributed the dollar's slip to "the slew of poor US employment figures last week."

The Labor Department issued a monthly jobs report Friday that surprised analysts with its weakness. The gain of 88,000 jobs in March was the smallest in nine months. The unemployment rate fell to a four-year low of 7.6 percent, but that was only because more people stopped looking for work and were no longer counted as unemployed. Other data showed an increased in claims for unemployment benefits.

Brent crude, which sets the price of oil used by many U.S. refineries to make gasoline, was up 43 cents to $105.09 per barrel on the ICE Futures exchange in London.

In other energy futures trading on the Nymex:

â¿¿ Heating oil rose 0.5 cent to $2.958 per gallon.

â¿¿ Wholesale gasoline rose 2.7 cents to $2.936 per gallon.

â¿¿ Natural gas rose 0.4 cent to $4.086 per 1,000 cubic feet.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,949.32 -186.40 -1.03%
S&P 500 2,078.37 -22.67 -1.08%
NASDAQ 4,937.9730 -44.8360 -0.90%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs