June 2 (Bloomberg) -- Crude oil rebounded from the day’s lows, finishing little changed, as the dollar weakened against the euro, bolstering the appeal of commodities as an alternative investment.
Prices dropped earlier on reports that the Organization of Petroleum Exporting Countries and Russia raised output in May. A government report tomorrow is forecast to show that crude oil supplies fell last week. Oil gained in the afternoon as the dollar declined on speculation record U.S. borrowing will undermine the currency.
“Investors are scared of inflation and that the Obama administration doesn’t care about the weakening dollar,” said Bill O’Grady, chief markets strategist at Confluence Investment Management in St. Louis. “We’re moving on fundamentals, just not the fundamentals of the oil market. OPEC output is up and stockpiles are abnormally high, but it doesn’t matter.”
Crude oil for July delivery fell 3 cents to settle at $68.55 a barrel at 2:57 p.m. on the New York Mercantile Exchange. Futures touched $69.05, the highest intraday price since Nov. 5. Oil is up 54 percent this year. Prices increased the previous six days, the longest stretch since May 2008. more...
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