Bloomberg: Oil Rises for Second Day on API Stockpile Drop, Weaker Dollar.
June 10 (Bloomberg) -- Crude oil rose for a second day after an industry group reported U.S. crude stockpiles dropped and the dollar declined, bolstering the appeal of energy as an alternative investment.Oh and get this, the biggest shock of my lifetime: Richard Heinberg, the professional liar and idiot, was Immanuel Velikovsky's assistant towards the end. What went so horribly wrong?
Oil supplies fell 5.96 million barrels to 357.9 million last week, the American Petroleum Institute said late yesterday. Additional support for crude prices came as the dollar fell against the euro.
“The oil market is rallying due to weakness in the dollar and more liquidity in the marketplace,” said Mike Sander, an investment adviser at Sander Capital Advisors Inc. in Seattle. “There is clearly more money moving into the commodities markets with the sharp rises in agriculture, softs, metals, and energy.”
Crude oil for July delivery gained 62 cents, or 0.9 percent, to $70.63 a barrel at 9:32 a.m. Sydney time in after-hours trading on the New York Mercantile Exchange. Yesterday, the contract increased $1.92 to $70.01 a barrel, the highest settlement since Nov. 4.
Oil peaked at $147.27 a barrel on July 11 before slumping to $32.40 on Dec. 19 as the global recession curbed energy use.