Gold / Oil Excahnge Rate

Crude oil rose in New York for the first time in four days as the dollar weakened, bolstering the investment appeal of commodities, while China confirmed its August net imports were the second highest on record.

Oil climbed above $70 a barrel as the dollar fell against the euro, leading investors to buy oil and gold to hedge their inflation risk. Official data showed net crude oil imports by China, Asia’s largest consumer, rose 18 percent to 17.92 million metric tons, confirming preliminary figures released on Sept. 11.

If the United States is going to succeed in its push for more balanced global economic growth, it must convince China, Germany and other big exporters there is no going back to the pre-crisis boom times.