Oil Rises as Weaker Dollar Encourages Buying, Equities Climb

Crude oil rose for a second day as a weaker dollar encouraged investors to buy commodities and stronger equity markets signaled optimism the economic recovery remains on track. Oil rose, tracking stock markets in Europe and Asia, as the Group of 20 nations agreed on steps to shore up the global financial system. The U.S. currency weakened against the euro for a second day. All 26 analysts surveyed by Bloomberg News predicted OPEC will maintain its production target at 24.845 million barrels a day at a Sept. 9 meeting in Vienna. “Oil is a bit supported by the weaker dollar and stronger equities,” said Eugen Weinberg, a senior analyst with Commerzbank AG in Frankfurt. “We know that OPEC will not cut, the question is how this will be taken by the market”.....Read the entire article