Weak dollar pushes crude oil prices higher

The price of crude oil was higher Tuesday on a weak dollar, which declined on reports that some oil producing countries are looking to remove the dollar as the currency used in oil trades.

While the nations involved, including France, Russia, Japan and China as well as some oil producers in the Middle East, denied reports of the secret talks, which appeared in the UK newspaper The Independent, the rumors still had a significant effect on markets.

Gains for equities markets also helped send oil prices higher, and came despite predictions that Wednesday’s Energy Information Administration weekly report on US inventories will show that stockpiles of crude oil, gasoline and distillates all grew last week.

November contracts for West Texas Intermediate crude added 47 cents to $70.88 per barrel on the New York Mercantile Exchange while Brent crude was up 52 cents to $68.58 per barrel on the ICE Futures Europe exchange in London.

Nymex November gasoline and November heating oil each added 2 cents on the session, to $1.77 per gallon and $1.81 per gallon respectively, while November natural gas dropped 11 cents to $4.88 per million British thermal units.