Oil Falls From 5 Week High, Gasoline Tumbles, as Dollar Climbs

Crude oil fell from a five week high and gasoline tumbled as the dollar increased against the euro, reducing the appeal of commodities as an alternative investment. Oil slipped as the greenback rose versus the currencies of six of the country’s major trading partners. Oil prices climbed as much 1.3 percent earlier today as a government report showed that U.S. job losses slowed and that the unemployment rate unexpectedly dropped for the first time since April 2008. “We rose initially at the release of the jobs data, but oil turned around once the dollar got stronger,” said Tom Bentz a senior energy analyst at BNP Paribas Commodity Futures Inc. in New York. "Prices are still close to $72, which is too high given where supply and demand are".....Complete Story