Oil Rises to 31-Month High as Dollar Weakens, Gasoline Climbs
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Oil rose to a 31-month high in New York as the dollar weakened to its lowest level since 2008 against other major currencies and gasoline futures jumped.
Crude gained 10 cents as the Dollar Index, which tracks the currency against six others, fell after Federal Reserve Chairman Ben S. Bernanke said yesterday that the central bank will keep record-low interest rates in place. Gasoline supplies dropped to the lowest level since 2009 in a government report yesterday.