Crude oil rise for fourth consecutive day

15-Oct-09

OPEC’s forecast for healthier demand amid a weakening dollar and falling temperatures has supported oil prices, pushing them up for the fourth consecutive day past US$74. The front-month November contract, which hit a seven-week high is at the year’s intraday peak recorded on Aug. 25. The US dollar touched a 14-month low as investors refocused on the outlook for US interest rates. The euro rose to its highest level against the dollar since late August 2008.