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Commodity Daily News
Crude Rises on Equity Gains
Friday, 14 Nov 2008
Crude Oil snapped its three day losing streak yesterday, gaining $2.98 to close the day up at $58.22. The gains can be contributed to the late in the day fall of the Dollar and gains in the equity markets. As the Dollar lost ground and equities rallied, traders closed Dollar positions and went long on stocks and Crude, fueling the gains for the day.
The price of Crude may have artificially been boosted earlier in the day due to comments made by OPEC officials. OPEC warned that it may cut future output if the price of Crude continues to decline. However these gains did not hold until the Dollar began to drop.
