Oil Rises on Dollar Tumble, Ignoring Highest Supplies Since 1930
- U.S. supply rose to 502.7 million barrels last week, EIA says
- Dollar falls as much as 1.9 percent, most since March 2009
What’s Behind Oil and Stock Connection?
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Oil rose as the falling dollar countered any concerns in the market over a steep gain in U.S. crude inventories to more than 500 million barrels for the first time since 1930.
Commodities rallied as the Bloomberg Dollar Index, which tracks the currency against major peers, fell as much as 1.9 percent. Oil futures briefly retreated after the Energy Information Administration reported that U.S. crude stockpiles climbed 7.79 million barrels to 502.7 million last week. That was almost twice the 4 million-barrel increase projected by analysts surveyed by Bloomberg.