Oil rises on weaker dollar

By Blake Ellis, contributing writer


NEW YORK (CNNMoney.com) -- Oil rose above $74 a barrel on Friday after the dollar retreated from its three-month high against the euro and amid reports that Iranian troops entered an Iraqi oilfield on Thursday.

"The weakening dollar is driving what we're seeing today more than anything," said Chris Lafakis, an associate economist at Moody's Economy.com. "And that's consistent with investors' expectations for a global economic recovery."

Crude oil for January delivery rose 71 cents to settle at $73.36 a barrel after touching $74.69 earlier. Prices dipped near $71 on Thursday as the dollar climbed to its highest point since September versus the euro.

On Friday, the dollar was flat against the euro at $1.434.

Reports that Iranian forces entered an Iraqi oilfield on Thursday also increased oil demand.

"Today's oil price movement is definitely related to the Iranian forces entering the Iraqi Fauqa oil field," said Paul Ting, president of Paul Ting Energy Vision. "Although the field itself is small, the implications are potentially big as it involves the number two and number three largest oil reserve nations within OPEC."

Lafakis expects prices to reach $84 a barrel by the end of 2010 on stronger U.S. and global economies.

Gasoline prices. The national average price for a gallon of regular unleaded gas dropped to $2.589, down two tenths of a cent from the previous day's price of $2.590, according to motorist group AAA. This is the tenth consecutive day prices have declined.  To top of page

Just the hot list include
Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Overnight Avg Rate Latest Change Last Week
30 yr fixed3.80%3.88%
15 yr fixed3.20%3.23%
5/1 ARM3.84%3.88%
30 yr refi3.82%3.93%
15 yr refi3.20%3.23%
Rate data provided
by Bankrate.com
View rates in your area
 
Find personalized rates:
Index Last Change % Change
Dow 32,627.97 -234.33 -0.71%
Nasdaq 13,215.24 99.07 0.76%
S&P 500 3,913.10 -2.36 -0.06%
Treasuries 1.73 0.00 0.12%
Data as of 6:29am ET
Company Price Change % Change
Ford Motor Co 8.29 0.05 0.61%
Advanced Micro Devic... 54.59 0.70 1.30%
Cisco Systems Inc 47.49 -2.44 -4.89%
General Electric Co 13.00 -0.16 -1.22%
Kraft Heinz Co 27.84 -2.20 -7.32%
Data as of 2:44pm ET

Sections

Bankrupt toy retailer tells bankruptcy court it is looking at possibly reviving the Toys 'R' Us and Babies 'R' Us brands. More

Land O'Lakes CEO Beth Ford charts her career path, from her first job to becoming the first openly gay CEO at a Fortune 500 company in an interview with CNN's Boss Files. More

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.