Crude oil prices rose more than 2 percent Wednesday, supported by lower-than-expected builds in U.S. oil inventories last week, a weak U.S. dollar and gains on Wall Street.
Oil prices fell on Tuesday after data showed the U.S. economy grew at a slower-than-expected pace last quarter and investors braced for weekly figures to show crude stocks rose in the world's top energy consumer last week.
Stocks opened higher Monday as the dollar pullled back and gold hit a new record above $1,170 an ounce. The Dow was up more than 100 points at the open and continued higher after a report showed a sharp jump in existing-home sales.
A holiday-shortened trading week begun with all signs pointing to a higher open for Wall Street on Monday, with the dollar weakening and gold hitting a new record high above $1,167 an ounce.
It is "not quite time yet" to raise interest rates in the U.S., Charles Plosser, president of the Federal Reserve Bank of Philadelphia, told CNBC Thursday.
Oil fell nearly 1 percent on Friday as a stronger dollar weighed on prices and falling equities raised concern about the economy and the outlook for energy demand.
U.S. crude futures fell more than 2 percent Thursday as a stronger dollar weighed and weaker equities raised concern about the economy and a potential rebound in energy demand.
Americans will travel 1.4 percent more this Thanksgiving holiday weekend compared to last year as consumer sentiment improves after the global economic crisis, travel and auto group AAA said Wednesday.
Oil prices rose more than 3 percent on Monday, taking back all of last week's 1.4 percent losses as the dollar drifted lower and better-than-expected U.S. consumer spending data boosted markets.
Posted By:Stephen Schork, Editor, The Schork ReportCNBC Guest Blog
History suggests that we normally see a double-digit delivery for today’s forthcoming EIA report (the 47th of the year), but this season is anything but normal, writes Stephen Schork.... Read More