Oil settles above $71

October 8, 2009 Share Print 0

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.

CNN Money

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Alfonso Esparza

Senior Currency Analyst at Market Pulse

Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.