Oil Rises on Mixed Dollar

Discussion in 'Wall St. News' started by ktgtrader, Aug 13, 2008.

  1. Oil rises on mixed dollar

    VIENNA, Austria (AP) -- Traders bid oil higher Wednesday amid mixed signals on the strength of the U.S. dollar and ahead of weekly U.S. crude inventory data expected to show a slight increase in oil supplies .

    A weakening dollar has helped boost oil prices this year, because dollar-denominated commodities are often used as hedges against inflation and a falling U.S. currency. The euro rose Wednesday to $1.4919 but the yen was weaker against the greenback, trading at 1 U.S. dollar to 108.93 yen...