Commodity Daily News

Crude oil Rises on Weak Dollar

Crude Oil prices experienced another day of appreciation as the oft-traded commodity rose above $83 during yesterday trading session. The data released Wednesday by the U.S. Energy Information Administration showed a reversal in the recent trend of falling oil and fuel inventories. While total oil and refined product stockpiles fell slightly, two of the most closely watched categories bucked the trend.

Oil and other commodities denominated in dollars for global trading tend to rise when the U.S. currency falls as they become cheaper for holders of other currencies. A move away from dollar-based pricing of the world's leading commodity could further weaken the greenback.

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