| Forex News Center | | | Commodities News Archive |
Commodity Daily News
Oil Ends at 7 Week High
Monday, 4 Oct 2010
Oil was steady on Monday after earlier touching a 2 month high near $82 on expectations that the slow pace of the U.S. economic recovery will prompt a monetary boost that would spur energy consumption.
Oil becomes relatively cheaper for buyers outside the U.S. when the greenback weakens. But a stronger dollar against a basket of currencies, up 0.15 percent on Monday, capped oil's gains.
The International Energy Agency said on Friday it anticipated upward pressure on oil prices in the second half of 2011 due to a projected decline in oil stocks.
