Oil Rises to Five-Week High on Freeze Optimism, Weakening Dollar
- WTI up 12% in four sessions on Saudi stabilization talk
- U.S. crude stockpiles seen rising by 950,000 barrels: survey
Sam Zell: Energy One of Few Reasonably Priced Areas
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Oil closed at its highest in five weeks, bolstered by a weakening dollar and speculation that OPEC talks next month could result in a crude output freeze.
Futures climbed 1.8 percent in New York, extending gains following comments from Saudi Arabia’s energy minister that the country is prepared to act to stabilize markets. The dollar extended declines following mixed U.S. economic reports. A weaker dollar increases investor appetite for commodities. While government data is expected to show crude inventories rose, fuel stockpiles are forecast to shrink.