“We’re seeing tremendous dollar weakening,” said Hannes Loacker, an analyst at Raiffeisen Zentralbank Oesterreich AG in Vienna. “That’s what we saw throughout 2009, which made oil rise from below $40 to $70. This correlation disappeared all year until now, so all commodities are rising.” Oil for November delivery rose as much as 72 cents, or 0.9 percent, to $83.95 a barrel in electronic trading on the New York Mercantile Exchange. It was at $83.73 at 12:56 p.m. London time. Brent crude for November settlement rose 46 cents, or 0.5 percent, to $85.52 a barrel on the ICE Futures Europe exchange in London.
Futures reached their highest price since May 4 yesterday after the Energy Department reported gasoline supplies fell 2.65 million barrels to 219.9 million. They were forecast to decline 250,000 barrels, according to a Bloomberg News survey. Stockpiles of distillate fuel, a category that includes heating oil and diesel, dropped 1.12 million barrels.......Read the entire article.
Check out > Stock Market Leaders Are Now Lagging?