Not Mixing with Rest of Economy, Oil Floats Higher

"Crude Oil Caps Biggest Monthly Gain Since 1999 on Dollar Drop"
Crude oil rose, capping its biggest monthly gain in a decade, as the dollar weakened against the euro, bolstering the appeal of commodities. Oil climbed above $66 a barrel to a six-month high as the dollar weakened beyond $1.41 against the euro for the first time this year, making raw materials such as oil and gold an attractive alternative investment. Prices also gained as U.S., and Asian indicators pointed to a global economic recovery. “The devaluation of the dollar is leading to the revaluation of energy and commodities.....Complete Story

"Not Mixing with Rest of Economy, Oil Floats Higher"
The price of crude oil once again seems to be defying the economic forces of gravity.
There's plenty of evidence to suggest prices should be falling. In industrialized countries, storage tanks are overflowing, with enough supplies to cover 62 days of use, about 10 days more than usual. Economic weakness continues to depress world demand, which is on track to fall for the second consecutive year. And oil producing countries, while restraining output, are adding to production capacity. New Saudi Arabian wells coming on line this year will exceed the entire production capacity of Texas.....Complete Story

"Gasoline Futures May Rally as High as $2.20: Technical Analysis"
Gasoline futures could reach $2.20 this summer if the July-delivery contract clears $1.90 next week, according to technical analysis by Infinitytrading.com. The July contract, which becomes the front-month contract June 1, is poised to close above $1.902 a gallon next week, which represents the upper Bollinger band, said Fain Shaffer, president of Infinitytrading.com, a commodities brokerage in Medford, Oregon. The next objective is $2.0414, Shaffer said. Once above $2.0414, the next resistance level would be $2.1981 a gallon, the 200 period moving average on a monthly chart.....Complete Story