Crude oil fell on Tuesday, snapping four days of gains, on concern a U.S. government report will show stockpiles climbed from the highest level since September 1990. Crude oil for June delivery declined as much as 77 cents, or 1.4 per cent, to $53.70 a barrel in electronic trading on the New York Mercantile Exchange. Oil is up 21 per cent this year.
Bloomber reported that currency traders are chalking up the dollar’s second straight day of gains to the hope that lower oil prices will jumpstart the American economy, which could lead to a virtuous circle: Economic growth boosts the dollar, and the strengthening of the dollar will make crude less attractive as a hedge against inflation. For full [...]
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