Oil Rises on Consumer Spending Report - The Associated Press- Topic: Gas Prices

NEW YORK (AP) — Oil prices rose Friday after the government reported that consumer spending surged last month, raising hopes that the economy will weather the crisis roiling credit markets and that demand for oil and gasoline will strengthen. Oil futures offer a hedge against a weak dollar, and oil futures bought and sold in dollars are more attractive to foreign investors when the greenback is falling. Many observers blame oil’s rise last month to near $100 on speculators driven to oil futures by the weaker dollar. While oil prices were higher Friday, trading volumes ahead of the holidays were about 25 percent of what they would be on a normal day, said Tom Kloza, publisher and chief oil analyst at the Oil Price Information Service. read more

[Tags]oil, futures, prices, rose, friday, crude, gas prices[/Tags]

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