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Oil Surges to Highest Year-End Price Since 2007 on Dollar

Posted By Matt Ryan On January 1, 2011 @ 11:51 am In Economic Crisis | Comments Disabled

Margot Habiby
Bloomberg
Jan 1, 2011

Oil surged to its highest year-end price since 2007 as the dollar weakened and gasoline and heating oil futures climbed.

Crude capped its second consecutive year of gains as the dollar dropped against the euro, boosting commodities’ appeal as an alternative investment. Oil settled above $91 a barrel after testing technical support near $89. Gasoline and heating oil advanced before the January contracts expired today.

“A weaker dollar and stronger product prices are all bolstering crude,” said Jason Schenker, president of Prestige Economics LLC, an Austin, Texas-based energy consultant.

Oil for February delivery climbed $1.54, or 1.7 percent, to settle at $91.38 a barrel on the New York Mercantile Exchange. Prices fell 13 cents this week and rose 8.6 percent in December.

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