Crude oil rose today as the dollar dropped to a 15-month low against the EUR and a government report showed that U.S. fuel demand gained for a second week. Oil increased about 2.6% after the greenback retreated on the Federal Reserve's signal that it will tolerate a weaker currency.
Expectations that consumers may once again want more oil when the recession bottoms have partly fueled the rally, with traders watching the stock market for economic telltales. There is a reasonable chance that oil prices will continue to be bullish going into next week, providing that the economic situation of the leading economies continues to rapidly improve.