CNBC: Oil up to around US$75 in Europe amid concerns over recovery in oil demand, fluctuating dollar
UNDATED - Oil prices have risen to around US$75 a barrel in a wavering market as investors seemed to temporarily overcome concerns that energy demand isn't recovering as quickly as expected.
By early afternoon in Europe, benchmark crude for March delivery was up 36 cents to US$75.07 a barrel in electronic trading on the New York Mercantile Exchange. Earlier in the session, when the dollar was stronger, it fell as low as US$74.44. The contract fell 55 cents to settle at US$74.71 on Tuesday.
In other Nymex trading in February contracts, heating oil rose 0.96 cent to US$1.9604 a gallon while gasoline gained 0.79 cent to US$1.9753 a gallon. Natural gas futures fell 5.1 cents to US$5.434 per 1,000 cubic feet.
In London, Brent crude for March delivery advanced 30 cents to US$73.59 a barrel on the ICE Futures exchange.
