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LequteMan
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Oil prices steadied above 48 dollars a barrel on Tuesday, recovering from earlier losses as the dollar weakened against the euro.
Brent crude oil futures rose 22 cents to 48.38 dollars a barrel.
U.S. West Texas Intermediate (WTI) crude futures rose 10 cents to 45.25 dollars a barrel.
The euro rose for a second day against the dollar after an 11-year low on Monday.
Prices were also supported after the Secretary-General of the Organization of the Petroleum Exporting Countries, Abdullah al-Badri, said oil prices may have bottomed out.
He warned of a jump of oil price to 200 dollars a barrel if investment in new supplies was too low.
Michael Hewson, chief market analyst at CMC Markets, said that the effects of the weakened dollar and the residual effect of Badri's comments were temporary.
"I certainly don't think it changes the fundamental dynamic of the direction of prices with regard to oil," said Hewson.
"When you look at where Brent is and where it's been, there's a pretty solid floor at the moment around 47 dollars a barrel."
Standard Chartered said OPEC's decision to keep production high was beginning to impact other producers.
"Non-OPEC output is being hit hard, and we now expect the oil market to tip into supply deficit in H2," the bank said.
Traders also added that there were other signs of a potential market pick-up.
#Nigeria #Dollar #Euro #Oil
Brent crude oil futures rose 22 cents to 48.38 dollars a barrel.
U.S. West Texas Intermediate (WTI) crude futures rose 10 cents to 45.25 dollars a barrel.
The euro rose for a second day against the dollar after an 11-year low on Monday.
Prices were also supported after the Secretary-General of the Organization of the Petroleum Exporting Countries, Abdullah al-Badri, said oil prices may have bottomed out.
He warned of a jump of oil price to 200 dollars a barrel if investment in new supplies was too low.
Michael Hewson, chief market analyst at CMC Markets, said that the effects of the weakened dollar and the residual effect of Badri's comments were temporary.
"I certainly don't think it changes the fundamental dynamic of the direction of prices with regard to oil," said Hewson.
"When you look at where Brent is and where it's been, there's a pretty solid floor at the moment around 47 dollars a barrel."
Standard Chartered said OPEC's decision to keep production high was beginning to impact other producers.
"Non-OPEC output is being hit hard, and we now expect the oil market to tip into supply deficit in H2," the bank said.
Traders also added that there were other signs of a potential market pick-up.
#Nigeria #Dollar #Euro #Oil
