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Commodity Daily News
Crude Trades Near $87 a Barrel
Friday, 5 Nov 2010
Oil's rally continued Thursday, as the dollar dropped on the Federal Reserve's decision to expand quantitative easing to bolster the U.S. economy. Crude advanced to a seven-month high, approaching $87 a barrel after the Fed said Nov. 3 it will buy about $600 billion of Treasuries over the next 8 months. The low dollar boosted the appeal of commodities as an alternative investment.
Oil for December delivery climbed as much as 32 cents, or 0.4%, to $86.81 on the New York Mercantile Exchange. Spot crude is currently trading near $87 a barrel. Futures have gained 8.9% in the past year.
