| Yesterday's oil price rally reverses three days of declines that followed a disappointing government jobs report and comments by Treasury Secretary Henry Paulson suggesting there is no simple fix for the housing crisis. But evidence of a weaker economy cuts two ways: Many energy investors see signs of slower economic growth as raising the chances that the Federal Reserve will lower interest rates. Lower rates tend to weaken the dollar, giving investors reason to buy oil. Crude futures offer a hedge against a falling dollar, and oil futures bought and sold in dollars are more attractive to foreign investors when the greenback is falling. Many analysts believe the weakening dollar helped draw speculative investors into oil markets this fall and winter, driving oil prices above US$100 a barrel last week. "(Oil) is considered to be a new asset class that the world cannot get enough of," said Fadel Gheit, an analyst at Oppenheimer & Co. in New York. The EIA will release its weekly inventory report on Wednesday. Analysts surveyed by Dow Jones Newswires predict crude inventories likely fell by 800,000 barrels last week, while supplies of distillates, which include heating oil, likely fell by 300,000 barrels. Other energy futures also rose yesterday. February heating oil futures jumped 4.28 cents to settle at US$2.6363 while February gasoline futures rose 4.41 cents to settle at US$2.4739 a gallon. February natural gas futures rose 8.8 cents to settle at US$7.967 per 1,000 cubic feet. In London, Brent crude for February delivery rose US$1.15 to settle at US$95.54 a barrel on the ICE Futures exchange.
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