Date: Tuesday 15 Jun 2010
Oil prices cruised higher on Monday, buoyed by hopes that a strong economic recovery would spur demand after better than expected European manufacturing data.Crude oil for July delivery rose $1.34 to settle at $75.12 a barrel on the Comex division of the New York Mercantile Exchange.
Gains were fuelled by data showing euro zone industrial production rose by 0.8% month-on-month and a record 9.5% year-on-year in April.
The weaker dollar also made crude more attractive for holders of other currencies.
However gains were limited by news that ratings agency Moody's cut Greece's debt ‘junk’ bond status. US stocks settled little changed as European debt worries returned to the fore.
Among precious metals gold futures settled lower as the euro gained ground against major currencies. European stocks markets and the euro were boosted by the impressive industrial output data from the euro zone.Gold for August delivery fell $5.70 an ounce to $1224.50 on Monday but came off an earlier low of $1217.50 an ounce as Greece's debt was downgraded to junk status by Moody’s.
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