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Commodity Daily News
Crude Oil Rises on Weaker Dollar
Friday, 29 Oct 2010
Oil prices rose yesterday in seesaw trading as traders eyed the weak dollar and a surprise drop in weekly job claims which bolstered confidence in the US economic recovery.
Oil and other commodities denominated in dollars for global trading tend to rise when the US currency falls since 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.
As for today, traders should pay attention to the US Advance GDP report, as it has tended to have a large impact on Crude Oil's prices recently, especially in the short-term.
