Crude-oil futures climbed above $121 a barrel Thursday to close at a more than two-week high, as the dollar fell against other major currencies and as tensions between the U.S. and Russia worsened.
“I think it’s a combination of further concerns in the banking sector, the dollar giving back its recent gains and geopolitical tension between the U.S. and Russia, all of which have drawn money flows back into oversold crude oil and energy stocks,” said Brian Hicks, co-manager of the Global Resources Fund.
Crude for October delivery rose $5.62, or 4.9%, to close at $121.18 a barrel on its first full trading day as a front-month contract on the New York Mercantile Exchange. It earlier rose as high as $122. The contract reached its strongest closing and intraday levels since Aug. 4.
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