Continuing its climb, oil tops $82 on the NYMEX Tuesday

By Phaedra Friend Troy

Oil gained again on the New York Mercantile Exchange Tuesday, climbing more than a dollar in intra-day trading Tuesday.

The price of crude oil on the NYMEX reached up to $82.59 in intra-day trading on Tuesday, with the trading floor still open for a few hours.

While the stock exchange corrected itself after yesterday’s jump, the price of crude oil continued its steady increase, this time urged by the drop in the value of the US dollar.

The price of oil many times has a inverse relationship with the value of the dollar. Because the commodity is traded in US greenbacks, the price of oil can become more attractive to foreign investors when the value of the dollar is low. Additionally, US investors sometimes buy oil and other commodities as hard assets when inflation fears surface.

Breaking out of a trading range on Monday, a barrel of crude had been trading between $70 and $80 for some months.

The market now looks to the upcoming inventory reports later this week to determine stockpile levels, as well as consumption.

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