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Oil Gains After Failing to Breach June Low as Dollar Declines

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(Bloomberg) - Oil climbed after failing to break beneath last month’s low as a weakening dollar increased investor appetite for commodities.


Crude advanced 1.8 percent in New York, erasing an early loss. The U.S. currency retreated, bolstering the appeal of raw materials priced in the greenback as an investment. Futures failed to break through the $45.83-a-barrel June low. Government data Thursday will probably show U.S. crude supplies declined last week, according to a Bloomberg survey.


"The market popped after failing to break through key support," said Thomas Finlon, director of Energy Analytics Group LLC in Wellington, Florida. "The falling dollar and technical support gave the bulls what they needed.


http://www.downstreamtoday.com/news/article.aspx?a_id=52691


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