Providing coverage of Alaska and northern Canada's oil and gas industryFebruary 2008
| Vol. 13, No. 7 | Week of February 17, 2008 |
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Oil tops $95 a barrel on economic optimism
Oil futures extended their upward march Feb. 14, after new trade deficit figures fed optimism that the economy may dodge a serious downturn. Federal Reserve Chairman Ben Bernanke’s suggestion that the central bank is prepared to again cut interest rates also boosted oil prices. On Capitol Hill, Bernanke said the Fed is ready to act again in response to deteriorating economic conditions. Interest rate cuts support oil prices because they tend to weaken the dollar. Crude futures offer a hedge against a falling dollar, and oil futures bought and sold in dollars are more attractive to foreign investors when the greenback is falling.
Light, sweet crude for March delivery rose $2.19 to settle at $95.46 a barrel on the New York Mercantile Exchange, its highest close since Jan. 9.
—The Associated Press
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