TD: Oil rises to near US$82 in Europe on surging trade in China, weaker dollar
UNDATED (AP) - Oil prices are almost US$82 a barrel, as surging trade figures in China and a weaker dollar help offset an inventory report providing mixed evidence about U.S. crude demand.
By early afternoon Wednesday in Europe, benchmark crude for April delivery was up 37 cents to US$81.86 a barrel in electronic trading on the New York Mercantile Exchange. The contract lost 38 cents to settle at US$81.49 Tuesday.
Oil prices received a boost from a steep rise in Chinese trade figures, with February exports up 45.7 percent on the year and imports surging 44.7 percent, a reflection of growing demand in China as it emerges from the global crisis.
The dollar's exchange rate also seemed to continue to affect oil prices, which fell early in the session when the dollar strengthened but rose as the dollar lost ground to the euro.
