Oil Climbs as Weak Dollar, Libya Crisis Draw Investors to Rally - Bloomberg

Oil Climbs as Weak Dollar, Libya Crisis Draw Investors to Rally - Bloomberg:

Oil spiked to its highest level in five months as a drop in the U.S. dollar and conflicts from Iran to Libya helped make the barrel look like an increasingly strong bet for investors.

Crude futures rallied 2.1 percent in New York Monday. The dollar fell, improving the lure of commodities priced in the greenback. Meanwhile, fighter jets bombed the Tripoli airport in Libya and U.S. President Donald Trump said he would designate Iran’s Revolutionary Guard a terrorist group, escalating tensions in two of the world’s biggest producers.

“The expectation that the tightened supply picture is going to boost prices is starting to attract length into the market," said Gene McGillian, senior analyst at Tradition Energy in Stamford, Connecticut.