IFX Council

Oil ends at best in two weeks on momentum buying

Investors Business Daily |

In Brief...

Crude-oil futures surpassed $85 a barrel Monday to settle at their best in two weeks on a rally that went largely unfettered by skepticism over Ireland's bailout.. ?Crude is ignoring the stronger dollar and weaker equities,? Bentz added.. A rising dollar is negative for commodities as it makes them more expensive to holders of other currencies, dimming their investment appeal. The dollar index (DXY) , which compares the U.S. unit to a basket of six currencies, added 0.6% to 80.81. The euro fell to a two-month low against the greenback as investors shifted their worry from Ireland to Spain and Portugal. European authorities on Sunday approved a $112.5-billion aid package for Ireland.

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