Economics
Oil Posts a Weekly Rise as Stocks Recover, Dollar Flounders
- Greenback trades near 3-year low, spurring commodities demand
- Crude advancing against backdrop of OPEC-shale supply struggle
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Oil posted its first weekly increase since last month as rebounding equity markets eased concern about economic growth and a weakening dollar boosted the allure of commodities priced in the U.S. currency.
Futures in New York rose 0.6 percent on Friday and gained 4.2 percent this week. The greenback touched a three-year low earlier in the day before edging higher, though the increase wasn’t enough to wipe out the previous four days’ losses. Equity markets recovering from recent routs boosted confidence in bullish energy demand forecasts.