| Tuesday, 12 October 2010 21:02 |
London. Oil rose for a second straight session yesterday, boosted by the dollar's continuing fall against a range of currencies, which outweighed the news that China had tightened its monetary policy. Weakness in the greenback boosts the dollar value of oil, which is usually traded in the U.S. currency. Traders said the prospect of further US quantitative easing (QE2) was applying upward pressure to oil prices, by putting the dollar under downward pressure. Oil was "in a kind of win-win situation," where weak economic data supported prices by increasing expectations of QE2, but strong economic data boosted oil by bolstering expectations of economic growth, said Carsten Frisch, commodities analyst at Commerzbank in Frankfurt. (Agencies) |
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