Crude oil surged to an 11 week high in New York as the dollar declined against the euro, bolstering investor demand for commodities. Oil rose as much as 1.7 percent after the greenback fell against the common currency for the third time in four days. Prices slipped from the day’s highs after an Energy Department report today showed that supplies of crude oil rose by a greater than forecast 2.93 million barrels last week and that gasoline inventories unexpectedly increased.
“The market is focused on the U.S. dollar today,” said Sean Brodrick, a natural resource analyst with Weiss Research in Jupiter, Florida. “If we were trading on the fundamentals, the crude oil and gasoline numbers would be sending prices lower.” Crude oil for May delivery rose $1.01, or 1.2 percent, to $83.38 a barrel at 1:35 p.m. on the New York Mercantile Exchange. Prices are up 5.1 percent this quarter. Oil traded at $83.45 a barrel before the release of the report at 10:30 a.m. in Washington.
Futures touched $83.76, the highest level since reaching $83.95 on Jan. 11. The May contract reached $85.43 a barrel on the same day. “The target du jour is $83.95, and if we are able to get through there, we will test $85.43,” said Addison Armstrong, director of market research at Tradition Energy in Stamford, Connecticut. The dollar fell to $1.3534 versus the euro, down 0.9 percent from $1.3414 yesterday.....Read the entire article.
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