March 6 (Bloomberg) -- Crude oil rose to a five-week high as the U.S. dollar weakened against the euro, bolstering the appeal of commodities as an alternative investment.
Oil climbed 4.4 percent and the dollar weakened versus the euro after unemployment advanced to the highest in 25 years in the U.S., the world’s biggest energy user. The Organization of Petroleum Exporting Countries will consider a fourth production cut when ministers meet on March 15.
“Oil is up because the unemployment number is causing the dollar pain,” said Phil Flynn, a senior trader at Alaron Trading Corp. in Chicago. “This rally probably won’t last for long. As bad as things are here, I imagine the data from Europe and elsewhere will be worse, which will strengthen the dollar.”
Crude oil for April delivery rose $1.91 to $45.52 a barrel at 2:57 p.m. on the New York Mercantile Exchange, the highest settlement since Jan. 26. Prices climbed 1.7 percent this week and are up 2.1 percent so far this year.
Gasoline futures for April delivery increased 1.95 cents, or 1.5 percent, to end the session at $1.3322 a gallon in New York. Heating oil for April delivery climbed 6.96 cents, or 6 percent, to settle at $1.2294, the biggest gain since Jan. 23. more...
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