Oil Prices Hover Around $82pb

Oil prices have settled above $81 as traders weighed the effects of possible moves by the United States’ Federal Reserve to spur economic growth and as finance ministers in South Korea were expected to discuss currency market tensions.

Benchmark crude for December delivery rose from $1.13 to settle at $81.69 a barrel on the New York Mercantile Exchange on Friday.

Fed policymakers said on Thursday that they were prepared to provide additional financial support for the US economy.

In other Nymex trading in November contracts, heating oil added 3.71 cents to settle at $2.2516 a gallon, gasoline gained 2.28 cents to settle at $2.0638 a gallon. Natural gas fell 3.6 cents to settle at $3.332 per 1,000 cubic feet.

Crude oil prices moved up in London on Friday in the wake of positive economic data in the United States, which is the world’s biggest oil-consuming nation.

Brent North Sea crude for delivery in December went up 27 cents to $82.10 a barrel in morning trading just as New York’s main contract, light sweet crude for December, edged up five cents to $81.61 a barrel.

The US Labour Department reported that new jobless benefits claims fell last week to 452,000, offering a glimmer of hope even though unemployment remains at a high level.

A slew of positive earnings reports from market heavyweights in recent days further boosted confidence in the US economy.