Oil Surges to Two-Year High as Jobs Rise More Than Forecast
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Crude oil surged to its highest level in two years as U.S. payrolls rose more than forecast in October, a sign the economy is recovering, and the dollar headed for a weekly decline against most major currencies.
Oil capped its best week since February as payrolls gained and the jobless rate held at 9.6 percent. The Dollar Index, which tracks the currency against six others, was poised to drop 0.9 percent this week, the most in four weeks, after the Federal Reserve announced $600 billion in stimulus measures Nov. 3.