Dollar Rises Against Most Currencies
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NEW YORK — The dollar rose strongly against major foreign currencies except the Canadian dollar Wednesday, moving in rough tandem with world oil prices.
Gold prices rose. Republic National Bank of New York said that as of 4 p.m. EST gold bullion was quoted at $336.25 an ounce, up $2.25 from Tuesday’s close.
Oil prices rose during early trading in response to remarks made Tuesday by Vice President George Bush.
Bush said that during his upcoming visit to Saudi Arabia he would tell the influential oil producer that the oil price depression was hurting the U.S. oil industry.
The remark was interpreted by some to mean that the U.S. would pressure the Saudis to cut production to boost oil prices.
But oil prices fell later--although they rebounded somewhat at day’s end--after an unnamed Administration official said the White House would not pressure the Saudis to stabilize prices.
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