Sunday, September 19, 2010
Crude Oil Trades Near Lowest in Almost Three Weeks on Economic Recovery Concerns
The October contract traded at $73.70 a barrel, up 2 cents, in electronic trading on the New York Mercantile Exchange at 8:30 a.m. Sydney time. It lost 91 cents to $73.66 on Sept. 17, the lowest settlement since Aug. 31. Prices are down 7 percent this year. Oil also dropped after the dollar gained against the euro, reducing the appeal of commodities as an alternative investment. The U.S. currency traded at $1.3044 a euro after rising 0.2 percent on Sept. 17.
Brent crude oil for November settlement traded at $78.22 a barrel, up 1 cent, on the London based ICE Futures Europe exchange. It fell 27 cents, or 0.3 percent, to settle at $78.21 on Sept. 17.
Reporter Ben Sharples can be reached at email@example.com
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