Crude Oil Surges the Most in Four Months as the Dollar Drops

Crude oil surged the most in more than four months as the dollar fell against the euro, bolstering the appeal of commodities as an alternative investment.

Oil climbed as much as 4.3 percent as the euro rebounded from the lowest level against the dollar in nine months yesterday. Commodities and stocks also rose after manufacturing in the New York region grew at the fastest pace in four months as companies boosted payrolls in anticipation of accelerating orders and sales.

“Oil is rising because the euro is stronger and the stock market is up,” said Adam Sieminski, chief energy economist at Deutsche Bank AG in Washington. “There’s not any oil-related news behind this move.”

Read Full Article from BusinessWeek

- Posted: 2010-02-16 11:34:05

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