| Forex News Center | | | Commodities News Archive |
Commodity Daily News
Oil Rebounds above $70 on Weak U.S Dollar
Thursday, 8 Oct 2009
Crude Oil rose as the U.S Dollar weakened against the EUR and a government report showed an unexpected drop in U.S. crude supplies, boosting optimism about a demand recovery in the biggest energy-consuming nation. The Energy Information Administration reported gasoline stocks leapt 2.9 million barrels last week, nearly three times the build that analysts had expected.
Crude prices rebounded above $70 a barrel on Thursday, clawing back some of the previous session's losses, amid the market's exuberance over a global economic recovery getting underway, while a weak U.S. Dollar also lent support.
