Oil Rises the Most in Six Weeks on Weaker Dollar, Equity Gain

Crude oil rose the most in six weeks as the dollar weakened and the Standard & Poor’s 500 Index strengthened to a 13 month high, bolstering confidence that the global economy and energy demand are recovering. Oil gained 3.3 percent as the U.S. currency’s drop encouraged the purchase of alternative investments. Stocks climbed after U.S. retail sales increased more than forecast and Asian government leaders pledged to maintain economic stimulus spending. The gross domestic product of Japan, the third biggest oil consumer, grew at a 4.8 percent pace in the third quarter.

“The dollar is weaker and stocks are up, both of which are helping send prices higher,” said Ric Navy, a broker at BNP Paribas SA in New York. “The funds are still coming in, and that should push the market higher.” Crude oil for December delivery rose $2.55 to settle at $78.90 a barrel on the New York Mercantile Exchange. It was the biggest gain since Sept. 30. Oil has traded between $74.79 and $82 since Oct. 15. Futures are up 77 percent this year.....Read the entire article.