The weak US Dollar has given way to a move to riskier assets and commodities boosted by the unexpected unemployment figure this morning. The sudden boost for energy prices might be short lived as yesterday’s EIA report points to higher stocks and lower demand for crude.
“A lower-than-expected unemployment figure in the U.S., resurgent commodities prices and a weaker U.S. dollar and Alcoa’s return to profitability all helped push equities and oil prices higher,” said Peter Beutel, president of commodities firm Cameron Hanover.
Crude for November delivery rose $2.12 to settle at $71.69 a barrel.
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