Oil advances on optimism
Written on February 19, 2010
Crude oil advanced Wednesday, extending the previous session’s 4% gain, as investors continued their bid for riskier assets.
What prices are doing: Crude oil for March delivery rose 33 cents, or 0.4%, to settle at $77.33 a barrel Wednesday.
Oil surged 3.8% Tuesday to settle at $77.01 a barrel. Prices tracked rising stocks and were lifted by a weaker dollar, which lost ground against the euro, pound and the yen as worries over Europe’s debt crisis subsided.
What’s driving prices: The dollar recovered losses against the euro and the pound Wednesday, but risk appetite was still robust, driving oil prices higher.
Stocks were higher in late trading, as optimism spurred demand for equities after a better-than-expected housing report and some upbeat company news.
Gasoline prices: The national average for a gallon of regular unleaded gasoline decreased to $2.608, down .2 cents from the previous day’s price of $2.610, according to motorist group AAA.
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