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Reply #17: Oil jumps, in part due to weak dollar [View All]

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UpInArms Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-05-09 07:12 AM
Response to Reply #3
17. Oil jumps, in part due to weak dollar
Well, lookie here! someone finally bought a clue! /

COLUMBUS, Ohio - Oil and natural gas prices rose sharply yesterday on the weakening dollar and on new signs of life from manufacturers that suggest the recession might be loosening its grip.

Benchmark crude for September delivery rose 3 percent, or $2.13, to settle at $71.58 a barrel on the New York Mercantile Exchange. It was the third straight day of substantial increases on the energy futures markets and the first time in a month crude traded above $70.

Retail gasoline prices rose overnight yet again.

Natural gas, a major source of power generation, spiked by more than 9 percent on a day when both China and the United States reported stronger manufacturing activity.

Crude has been rising for the past several weeks on the US dollar’s downward trend.

The dollar index reached its lowest point since September against the euro yesterday.

Money floods into equities markets when the dollar falls because products like crude are priced in the US currency. Oil can be used as a hedge against inflation, and it becomes cheaper when the dollar falls.

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