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Is oil on the rise?

*Bloomberg, by Mark Shenk, March 31, 2009

“Crude Oil Rises, Set for Biggest Monthly Increase Since May

Crude Oil rose, heading for its biggest monthly gain in almost a year, as equities increased and a weaker dollar enhanced the appeal of commodities.

Oil climbed as much as 3.2 percent after European stocks rebounded from the largest drop in four weeks and U.S. futures advanced. Energy, metal and grain prices gained today as the U.S. currency’s drop made dollar-denominated goods more attractive to buyers.

‘The fundamentals of the oil market have been shoved to the background as we focus on the stock and currency markets,’ said Jim Ritterbusch, president of Ritterbusch & Associates, a Galena, Illinois, energy consultant. ‘Oil is trailing the equity market and has been moving in the opposite direction of the dollar.’

Crude oil for May delivery rose $1.26, or 2.6 percent, to $49.67 a barrel at 9:04 a.m. on the New York Mercantile Exchange. Oil has gained 11 percent this quarter after tumbling 56 percent in the previous three months.”

*This information is solely an excerpt of a third-party publication and is incomplete. Please subscribe to the referenced publication for the full article. This is not an offer to buy or sell precious metals. Investors should obtain advice based on their own individual circumstances and understand the risk before making any investment decision.

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