WSJ:OIL FUTURES: Crude Up On Weaker Dollar; Iran Supportive
By Mari Iwata
Of DOW JONES NEWSWIRES
TOKYO (Dow Jones)--Crude-oil futures rose Monday in Asia, boosted by a weaker dollar against the euro, while trading volume was thin with U.S. markets closed for the Memorial Day holiday.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in July traded at $91.67 a barrel at 0627 GMT, up $0.81 in the Globex electronic session. July Brent crude on London's ICE Futures exchange rose $0.68 to $107.51 a barrel.
Four separate polls over the weekend showed that Greece's pro-austerity conservative New Democracy party had swung into first place ahead of next month's election, which advanced the euro against the dollar.
"The market will take a close look at next month's Greek general election," said Nihon Unicom analyst Hiroyuki Kikukawa.
A continued unclear outlook for talks between Iran and the five permanent members of the U.N. Security Council--the U.S., China, Russia, Britain and France--plus Germany has been supportive to crude oil prices, analysts said.
In addition, U.S. hurricane activity could support Nymex crude-oil prices, with the second storm of the season, tropical storm Beryl, hitting the U.S. southeast coast, Australia and New Zealand Banking Group said in a note.
But any price rise for Nymex crude would be limited, as near-record high U.S. crude inventories will continue to apply downward pressure, it added.
Nymex reformulated gasoline blendstock for June--the benchmark gasoline contract--rose 171 points to $2.9100 a gallon, while June heating oil traded at $2.8400, 112 points higher.
ICE gasoil for June changed hands at $911.00 a metric ton, up $2.75 from Friday's settlement.
-By Mari Iwata, Dow Jones Newswires; 813-6269-2798; mari.iwata@dowjones.com