Crude Oil Rises Above $40 in New York for First Time in 3 Months
- Commodities gain as Bloomberg Dollar Index slips second day
- U.S. production drops to lowest level since November 2014: EIA
Here's Why This Is Only the Fourth Time Oil Has Tanked
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Oil surged above $40 a barrel in New York for the first time since December as central banks from the U.S. to Norway signaled they will continue to provide economic stimulus to support demand.
The Bloomberg Dollar Spot Index fell a second day after the Federal Reserve scaled back expectations for the pace of interest-rate gains. A weaker dollar bolsters investor demand for commodities priced in the currency. U.S. crude output slid to the lowest level since November 2014 and supplies expanded by 1.32 million barrels, the smallest gain in five weeks, according to an Energy Information Administration report on Wednesday.