Nymex Crude Rises on Falling Dollar - Impact?

.

Nymex Crude Rises on Falling Dollar - Impact?

On Friday, crude oil futures were lifted on a weaker Dollar Value and strong economic data. The strengthened value ended up helping fuel gain a late-day surge of purchasing in expiring gasoline and distillate contracts.

So then, is this good news? After all, the economic data has been good, and with crude oil fetching more funds, it is bound to be even better! Once would, then, like to think that it is a good development, but I would like to differ.

A 1.9% rise in the per barrel cost on the New York Mercantile Exchange might have given a boost to buying of contracts and delighted investors, but it is not a very good news for the general population, especially in the times when the recession hurt is still lingering on.

Also to be considered is the inverse relationship that the crude futures and the value of Dollar has. The weaker the Dollar, the higher the futures. Not a very good news for the economy!

What's more? The futures could rise further! But let's all try and take solace in the fact that at least the economy would swell!


Latest News

AIG Quarterly Profit Surpasses Analysts’ Estimates; Increases Buyback by $5 Bill
Can New Orleans School Improvements Be Made a Model for Rest of the U.S?
Delta Air Lines Inc. Ban Transportation of Big Game Trophies
Alpha Natural Resources, Inc Files for Chapter 11 with United States Bankruptcy
Mt. Gox Bitcoin Head Arrested on Sunday for Suspected Misuse of Bitcoins
Consortium of German Automakers Acquiring HERE Map Business from Nokia
HSBC Holdings Plc Agrees to Sell It’s Brazil unit to Bradesco for $5.2 Billion
Fourth Corner Credit Union’s Bid for Permission to go Into Business Rejected
Nebraska Gov. Ricketts and Lt. Gov. Foley to Traveling to Japan in Trade Mission
Fennica , the Icebreaker Leaves for Arctic Waters as Portland Police Remove Prot
PPIC’s Poll Reveals Californians Divided in Opinion on Climate Change Impacting
Chairman Says the Boeing Company May have to Move Some Operations Overseas if Ex