Gas Hits $ 5 Gallon in Washington DC As Dollar Weakens Pushing Oil over $ 109

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 Gas prices continue to rise in Washington DC
Gas prices hover one tenth of a cent under five dollars per gallon at a gas station in Washington on April 19, 2011.

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April 20, 2011

Crude futures rise above $109 a barrel

Energy traders await U.S. inventories data from Energy Department

By Virginia Harrison and Polya Lesova,
MarketWatch 

LONDON (MarketWatch) — Crude-oil futures climbed well clear of $109 a barrel in electronic trading on Wednesday, amid post-election violence in Nigeria and ahead of a key U.S. update on petroleum inventories.

Crude for June delivery CLM11 +1.36%  climbed $1.38, or 1.3%, to $109.66 a barrel on the New York Mercantile Exchange.

The gains came as U.S. stock futures rallied and the dollar fell sharply. The dollar index DXY -0.88% , which tracks the performance of the greenback against a basket of other major currencies, dropped 0.8% to 74.497.

Meanwhile, violence broke out in Nigeria following weekend elections, with at least 33 people killed in riots, Reuters reported Wednesday. Nigeria is Africa’s leading oil producer.

“[Oil] prices are being driven by the weaker dollar and a favorable equity-market environment,” Commerzbank analysts wrote in a note. “An additional boost after trading had closed yesterday came from the API inventory data, which showed that gasoline stocks had dropped by 1.8 million barrels over the past week.”

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