Reply #48: Oil prices surge in volatile week of trading [View All]

[Coventina]

http://ap.google.com/article/ALeqM5i5TtajgUpSm7KY5jf-lCJGHBB-tAD9488P7O0

Crude prices moved in tandem with global markets, which jumped from Asia to Europe. The Dow Jones industrial average soared 300 points despite a new Commerce Department report that said factory orders fell 2.5 percent in September from August, much worse than the 0.7 percent drop analysts had predicted.

Still, gasoline prices continued to tumble, a fact lost on many Americans headed to the polls with the U.S. housing market in turmoil and thousands of jobs already lost.

Jim Ritterbusch, president of energy consultancy Ritterbusch and Associates, said the weaker dollar in particular likely attracted some people to oil.

The euro rose more than 4 cents Tuesday to $1.30. The dollar lost ground to the yen, the pound and other currencies as well.