Crude Oil Increases the Most in Five Weeks as Dollar Tumbles
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Crude oil climbed the most in five weeks as the dollar tumbled to a 15-year low against the yen and a government report showed a smaller-than-forecast U.S. stockpile gain.
Oil rose 2.9 percent after the Federal Reserve said the economy expanded at a “modest pace” in September and early October, sending the U.S. currency lower. A weaker dollar bolsters the appeal of raw materials to investors. An Energy Department report showed that supplies rose 667,000 barrels last week, less than half the projection in a Bloomberg News survey.