"Oil Rises on Lower Dollar, Stockpiles as OPEC Maintains Output"

"Crude oil rose for a fourth day in New York as the falling dollar spurred investors to buy commodities as a counter against inflation and an industry report showed a decline in U.S. inventories.

Oil also gained after OPEC agreed to maintain output targets. The dollar weakened further after slipping yesterday to an almost one-year low against the currencies of six major trading partners. The American Petroleum Institute reported U.S. stockpiles fell 7.22 million barrels last week, the biggest drop since Sept. 5, 2008."

Christian Schmollinger reports for Bloomberg September 10, 2009.

Thursday, September 10, 2009