Oil rises on weaker dollar, signs of better demand (AP)

Oil prices rose above $78 a barrel Monday in Asia as a weaker U.S. dollar offset signs of slumping consumer demand. Benchmark crude for December delivery was up 94 cents to $78.37 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange.

Oil prices rose above $78 a barrel Monday in Asia as a weaker U.S. dollar offset signs of slumping consumer demand. Benchmark crude for December delivery was up 94 cents to $78.37 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange.

ETF Database submits: U.S. equity markets surged higher to start September, as the Dow gained more than 250 points thanks to strong overseas data from China and Australia. The Nasdaq and S&P 500 also had banner days, as these benchmarks both tacked on close to 3%. This news helped to draw a few investors out of gold, which saw its price ease back below the $1,250 mark as traders embraced risk and bid up oil prices. Crude surged more than $2/bbl. on hopes of rising international demand.

One thing that peeves me about reporting on oil prices is the tendency to see them only in terms of the “misery” they cause motorists. But history suggests that oil matters more than this.