Oil Surges 10% On Weak Dollar and Saudi Cuts
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Crude rose over $4 today, or 10%, to $48 per barrel due to a weak U.S. dollar and comments out of Saudi Arabia that they have delivered the output cuts promised to OPEC.
Saudi Arabian oil minister, Ali al-Naimi, said the kingdom pumped 8.493 million barrels in November, which is close to the OPEC production quota of 8.477 million barrels.
The U.S. dollar lost ground against other major currencies today, on fears the bailout money will create inflation. Other commodities also gained today due to the dollar weakness, including Gold which rose 1.5%.
Saudi Arabian oil minister, Ali al-Naimi, said the kingdom pumped 8.493 million barrels in November, which is close to the OPEC production quota of 8.477 million barrels.
The U.S. dollar lost ground against other major currencies today, on fears the bailout money will create inflation. Other commodities also gained today due to the dollar weakness, including Gold which rose 1.5%.
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