Crude oil prices rises on second consecutive days as dollar weakens, equities rise

09-Sep-09

Weakening dollar against the euro; and strengthening equity markets together hint at optimism over economic recovery. A weaker dollar encourages commodity markets and investors uy oil as a hedge against inflation. Crude oil for October delivery rose to US$68.91 a barrel in electronic trading on the Nymex, Brent crude oil for October settlement rose to US$68. Finance ministers and central bankers from the Group of 20 nations left weekend talks in London after pledging to shore up the international financial system with tighter regulation. Last week saw a 6.5% dip in oil futures, the biggest drop since the week ended July 10, as a slump in equity prices flustered confidence in the global recovery.