weak dollar

French oil company Total said Friday that soaring crude prices boosted its third-quarter profits despite a weak dollar.

the rout of the US dollar is in full effect....Weakness in the US dollar, which is causing everything to go up including gas prices, food and stocks...

Panic dollar selling is setting in...This may carry farther than any of us dream of or, worse, have nightmares of

Gainers

• United States Oil (NYSE: USO) up 3.08 percent to $44.28. Crude is higher today, pushed higher by the weak dollar and a decline in inventories last week.
  
  Crude stores fell 2.3 million barrels to 357 million barrels last week, versus the consensus calling for an increase of 800K.
  
  June 11 WTI contracts up $2.70 to $110.98 per barrel on the Comex.
• SPDR S&P 500 (NYSE: SPY) up 1.38 percent to $133.12.
  
  U.S.

With many American companies manufacturing abroad, the effect on exports of a weak dollar is diminished.

Despite the recent price surge in crude oil this week, basically going from $81.50 to $87 a barrel within this week--thanks to a Fed's QE2-induced weak dollar-- oil inventories actually added another 2 million barrels build to the current stockpiles.

This article explains the weak dollar, the power of China over the dollar, and how current Fed policy (almost 0% interest to banks) is a windfall for the banks--and explains why Geithner said the US wanted a strong dollar.

What's causing the surge? Blame the weak dollar and increasing global demand for crude oil, plus speculative trading, experts say.

Since oil is bought and sold in dollars, it's cheaper when the dollar is down. That in turn draws speculators, who drive up the price.

Oil prices climbed Tuesday as the combination of a weaker dollar and stronger stock market outweighed concerns about weak demand and vast supplies of crude.

Chevron, like other oil companies, was hurt by plunging demand for crude oil and gasoline . It also said its net income suffered from a weak dollar.