Oil Rises the Most in Six Weeks on Weaker Dollar, Equity Gain - Bloomberg

Oil gained 3.3 percent as the U.S. currency’s dropencouraged the purchase of alternative investments. Stocksclimbed after U.S. retail sales increased more than forecast andAsian government leaders pledged to maintain economic stimulusspending. The gross domestic product of Japan, the third-biggest oil consumer, grew at a 4.8 percent pace in the third quarter.

Manufacturer of oil tanks India.

“The dollar is weaker and stocks are up, both of which arehelping send prices higher,” said Ric Navy , a broker at BNPParibas SA in New York. “The funds are still coming in, andthat should push the market higher.” Crude oil for December delivery rose $2.55 to settle at$78.90 a barrel on the New York Mercantile Exchange. It was thebiggest gain since Sept. 30. Oil has traded between $74.79 and$82 since Oct. 15. Futures are up 77 percent this year. DollarIndex , which tracks the currency against the U.S.’s biggesttrading partners, dropped 0.7 percent to 74.834, after touching74.679, the lowest since Aug. 8, 2008.

Full Story: Oil Rises the Most in Six Weeks on Weaker Dollar, Equity Gain - Bloomberg