The weak dollar and the Good Friday-shortened week led traders to buy contracts that raised the price of crude. The Fed's inflationary policies have weakened the dollar and the markets are using commodities like oil to hedge against the diminishing greenback. Supporting oil's rise are the surging stock market and the continued fighting in North Africa and the Middle East. This week's inventory report pointed out demand that had not been previously obvious and that has also helped crude's climb.
Today, WTI +91¢, $112.29; Brent +15¢, $123.99; RBOB +3.36¢. $3.3086; HO -2.04¢, $3.1992.
No comments:
Post a Comment