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Crude oil jumped about 2% Tuesday morning to around $96.50 per barrel after the dollar fell to a new low against the euro. Heating oil also jumped about 5 cents to $2.65 and unleaded gasoline surged about 3.5 cents ahead of the [U.S.] Thanksgiving holiday, historically a very high gasoline consumption period in the United States.
Dollar affects oil
Jim Dietz, independent energy trader, told Bloggingstocks Tuesday that in addition to solid U.S. gasoline demand, strong emerging market oil demand, and geopolitical concerns, there's another factor supporting oil's price: crowding-out by Europeans and others with strong currencies.
"When the euro rises against the dollar, that means Europe can purchase more oil, which is priced in dollars, with their euros," Dietz said. "So they tend to overbid a little and that's what's giving oil a little bump today." Earlier in the day the euro rose to a new high of $1.48 against the dollar before pulling back slightly.
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