Oil Rises to Two-Year High as Equities, Dollar Offset Supplies
This article is for subscribers only.
Oil surged to a two-year high as advancing equities and a weakening dollar tempered concern of rising excess crude supplies in the U.S., the world’s largest oil consumer.
Futures advanced for a seventh day as the dollar retreated from a one-week high against the euro. An Energy Department report tomorrow may show that crude stockpiles in the U.S. increased 1.75 million barrels last week from 368.2 million, according to a Bloomberg News survey of analysts. That would take it to the largest amount since May 2009.