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Crude spikes, fuel costs up thanks to the falling US dollar...

The widely followed NYMEX WTI Crude Oil contract for September delivery rose $2.51 settling at $69.45 per barrel on Friday. The sharp rise was due in part to a better than expected US GDP report from the Commerce department showing the US economy?s output had fallen by 1% in the second quarter vs. a 1.5% decline the street expected. This also compared to the 6.4% falloff during the first quarter of the year and in a convoluted sort of way, moving some to believe the recession is coming to an end quickly and safe haven owners of the dollar will soon look to more speculative (read profitable) investments elsewhere around the globe.

Crude spikes, fuel costs up thanks to the falling US dollar...
xcel, Aug 2, 2009
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