MW: Oil rises 4% as dollar falls, stock futures gain
Oil futures rose 4% early Thursday, boosted by weakness in the U.S. dollar and indications of a higher opening on Wall Street. Crude oil for March delivery rose $1.34, or 4%, to $35.96 a barrel in electronic trading on Globex. The March contract will expire at the end of trading on Friday. "Oil prices are higher as the U.S. dollar weakened against the euro, which boosted the appeal of commodities used to hedge against inflation," said analysts at Action Economics. "Meanwhile, an Energy Department report, due later today, is expected to show gains in stockpiles, which could limit gains," they said. The Energy Information Administration will release its closely-watched data on U.S. petroleum supplies Thursday, one day late due to the Presidents Day holiday. Analysts at MF Global expect crude inventories to show a rise of 1.8 million barrels in the week ended Feb. 13.
