Crude Oil Reaches Three-Month High
After Monday's boost in oil on manufacturing sector results, crude oil rose to its highest level in three months Tuesda
After Monday's boost in oil on manufacturing sector results, crude oil rose to its highest level in three months Tuesday
, according to reports by Reuters. Tuesday's rally was driven by the weakening U.S. dollar. In addition, dealers expected crude oil inventories to drop off following a build-up in inventories last week.
Crude oil closed at $82.55 a barrel on the New York Mercantile Exchange Tuesday, up from Monday's $81.34.
Reuters reported that crude oil stocks were down 1.4 million barrels last week due to lower imports. Tropical Storm Bonnie along the Gulf of Mexico also put a slight damper on production last week.
Concerns that Europe and Asia will experience a faster recovery than the U.S. have caused the value of the U.S. dollar to fall against the euro this week, Reuters says. Discussions of the risk of deflation has also contributed to the lower dollar.
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