Oil Steady in New York as Dollar Strengthens, Equities Decline

Crude oil was little changed after falling from a five week high as the dollar strengthened and equities dropped. Oil rose as much as 0.8 percent as the dollar gained for a fifth day, reducing the need for commodities as an alternate investment. A retreat in European and U.S. equities came after four straight weeks of increases left the Standard & Poor’s 500 Index trading at its highest level relative to earnings in more than four years. “The equity markets are kind of weak this morning and pushed us down at the open,” said Gene McGillian.....Complete story