Crude Oil Rises for First Time in Four Days as Dollar Weakens

Crude oil rose for the first time in four days as the dollar declined, bolstering the appeal of commodities as a hedge against inflation. Oil climbed as much as 2.9 percent as the U.S. currency slipped to $1.4821 per euro, its weakest level since Sept. 23, 2008. Net crude oil imports by China, Asia’s biggest energy consuming country, increased 18 percent to 17.92 million metric tons in August, the second highest level on record.

“More than anything else, we are seeing a reaction to the incredible weakness of the dollar,” said Addison Armstrong, director of market research at Tradition Energy in Stamford, Connecticut. “Yesterday, the dollar strengthened and oil fell more than $2. Now the dollar’s plunged to the lowest level against the euro in a year and look what’s happened”.....Read the entire article