Crude oil headed for a fourth straight week of gains as the dollar weakened and rising global equity markets spurred investor confidence.

Oil has advanced 3.5 percent this week as the dollar index, a measure
of the U.S. currency against six peers, fell to its lowest level since
August 2008. The MSCI World Index, which comprises 10 industry groups,
is set for a third weekly gain.

“Dollar weakness has been pushing the crude market up,” Sentje Diek, an
energy analyst at HSH Nordbank AG, said by phone from Hamburg. “We’ve
had some better-than-expected earnings reports this week.”

Crude for December delivery advanced 0.1 percent to $81.28 a barrel on
the New York Mercantile Exchange as of 10:43 a.m. in London. Oil has
risen 82 percent this year and traded at a one- year high of $82 a
barrel on Oct. 21.

“Prices have decisively broken out of their $65-$75 band and have made
a gentle transition toward the $70-$80 range,” Gayle Berry, a
London-based analyst at Barclays Capital, wrote in a report dated
yesterday. “On the macroeconomic front, so far the path of recovery has
surprised to the upside.”

Crude futures may fall next week on concern that U.S. inventories are
sufficient to meet weakening demand, according to a Bloomberg News
survey of 36 analysts.

Eighteen analysts, or 50 percent, forecast oil will drop through Oct.
30. Twelve respondents, or 33 percent, said the market will rise and
six said prices will be little changed.

Brent crude oil for December settlement rose 0.2 percent to $79.69 a
barrel at 10:42 a.m. on the ICE Futures Europe exchange in London.

The Dow Jones Stoxx 600 Index added 0.5 percent as of 10:43 a.m. in
London, heading for its third weekly advance. Dow Chemical Co. and
AT&T Inc. beat earnings expectations this week.

Source: Bloomberg

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