WSJ: Oil Up On Weaker Dollar; Analysts Raise Forecasts
BY DAN STRUMPF
NEW YORK—Oil futures rose as the dollar weakened against the euro following strong data on business confidence in Germany.
Several major investment banks, meanwhile raised their forecasts on oil prices, spurring buying. The main U.S. benchmark appeared poised to once again breach $100 a barrel.
Light, sweet crude for July delivery rose $1.63, or 1.7%, to $99.33 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange added $2.03, or 1.8%, to $112.13 a barrel.
Oil's downward trajectory was reversed when the dollar's two-day rally was ended by the healthy German economic data, which restored ...
