Weaker Dollar Propels Oil Higher Amid Mixed Economic News

Oil Market Summary for 09/20/2010 to 09/24/2010 Crude oil prices battled their way to a gain for the week as worries about the economy warred with the upward pressure from a weakening dollar. Positive news in several categories of durable goods orders helped boost oil prices nearly 2% on Friday, so that the benchmark West Texas Intermediate futures contract, which switched from October to November this week, could tack on nearly 4% for the week. The dollar was under pressure most of the week as the prospect of further quantitative easing from the Federal Reserve pushed the U.S. currency down against the euro, yen and most other major currencies. The failure of Japanese authorities to intervene further by selling yen also contributed… . . . → Full Story: Weaker Dollar Propels Oil Higher Amid Mixed Economic News