Crude oil rose above $71 a barrel after the dollar declined, spurring demand for commodities, and as OPEC ministers gathered in Vienna to decide on output levels. Oil increased the most in more than two weeks and gold climbed above $1,000 an ounce as the U.S. currency dropped to the lowest level this year against the euro and on speculation inflation will accelerate. The oil market is in “good shape,” Saudi Arabian Oil Minister Ali al-Naimi said, signaling the group is unlikely to change output quotas. “Today’s move in oil is all about the dollar and inflation concerns,” said John Kilduff, senior vice president of energy at MF Global in New York. “These concerns are also reflected in the gold market, which broke through resistance at the important $1,000 level”.....Read the entire article
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