BLBG: Crude Oil Rises a Third Day as Dollar Drops Against Yen, Euro
By Mark Shenk
Sept. 14 (Bloomberg) -- Crude oil rose for a third day and gold surged to a record as a falling dollar bolstered the appeal of commodities as an alternative investment.
Oil rebounded as the U.S. currency slipped to a 15-year low against the yen and declined to the weakest level versus the euro in a month. Prices dropped earlier today when Enbridge Energy Partners LP prepared to weld a new section to a pipeline that was shut last week.
“Oil is responding to what’s happening in currency markets,” said Michael Lynch, president of Strategic Energy & Economic Research in Winchester, Massachusetts.
Crude oil for October delivery rose 48 cents, or 0.6 percent, to $77.67 a barrel at 10:38 a.m. on the New York Mercantile Exchange. Futures dropped as much as 0.9 percent to $76.50 earlier today.
Brent crude oil for October settlement, which expires tomorrow, rose 55 cents, or 0.7 percent, to $79.58 a barrel on the ICE Futures Europe exchange in London. The more actively traded November contract increased 52 cents, or 0.7 percent, to $79.59.
To contact the reporter on this story: Mark Shenk in New York at mshenk1@bloomberg.net
