Global oil prices advanced past $82 a barrel in Asian trade Monday as the dollar dropped further amid yet another hurricane threat over US Southeast coast.
Light sweet crude for December delivery was seen trading at $82.45 a barrel at 11.30 a.m Singapore time while Brent crude was at $ 83.59 a barrel in London.
Futures advanced as much as 1 percent as the greenback dropped after Group of 20 leaders pledged not to use weaker currencies to boost exports.
The dollar weakened about 0.6 percent against a basket of currencies on Monday after the G20 accord to keep a status quo trade of selling the U.S. currency and buying equities and commodities such as gold.
A weaker dollar renders oil imports cheaper for buyers in Asia, where demand is growing at the fastest pace
Analysts said markets also await a speech by Federal Reserve Chairman Ben Bernanke, where he may outline details of an expected new round of U.S. monetary stimulus.
U.S. National Hurricane Center said, Hurricane Richard approached the Gulf of Mexico. It has made landfall in Belize, with maximum sustained winds of 90 miles per hour, as it moves to the west-northwest at 10 mph.
On Friday, Light sweet crude for December closed $1.13 higher at $81.69 a barrel while in London, Brent crude for delivery in December also rose $1.13 to $82.96 a barrel .
Light sweet crude for December delivery was seen trading at $82.45 a barrel at 11.30 a.m Singapore time while Brent crude was at $ 83.59 a barrel in London.
Futures advanced as much as 1 percent as the greenback dropped after Group of 20 leaders pledged not to use weaker currencies to boost exports.
The dollar weakened about 0.6 percent against a basket of currencies on Monday after the G20 accord to keep a status quo trade of selling the U.S. currency and buying equities and commodities such as gold.
A weaker dollar renders oil imports cheaper for buyers in Asia, where demand is growing at the fastest pace
Analysts said markets also await a speech by Federal Reserve Chairman Ben Bernanke, where he may outline details of an expected new round of U.S. monetary stimulus.
U.S. National Hurricane Center said, Hurricane Richard approached the Gulf of Mexico. It has made landfall in Belize, with maximum sustained winds of 90 miles per hour, as it moves to the west-northwest at 10 mph.
On Friday, Light sweet crude for December closed $1.13 higher at $81.69 a barrel while in London, Brent crude for delivery in December also rose $1.13 to $82.96 a barrel .
