Oil Rises a Third Day as Dollar Reaches 15-Year Low Against Yen
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Oil rose for a third day in New York as the dollar extended its decline against the yen and the euro, enhancing the investment appeal of commodities, and after a U.S. government report showed a drop in gasoline stockpiles.
Futures climbed as the U.S. currency fell to a 15-year low against the yen and an eight-month low against the euro amid speculation the U.S. Federal Reserve will expand credit easing to sustain the economic recovery. The U.S. Energy Department said yesterday supplies of motor fuel slipped more than forecast by a Bloomberg News survey.