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Monday, October 11, 2010

Crude Oil Decline as Dollar Strengthens Against the Euro and Yen

Crude oil fell for a second day after the dollar strengthened, reducing the appeal of commodities as an investment, and as Saudi Arabia signaled that OPEC may leave oil production quotas unchanged. The dollar yesterday climbed from an eight month low against the euro and a 15 year low to the yen. The currency had retreated earlier on speculation the Federal Reserve will signal it’s willing to buy more government debt to spur economic growth.

OPEC may leave oil production quotas unchanged when it meets this week after Saudi Arabian Oil Minister Ali al-Naimi described the market as “very well balanced,” and said an oil price between $70 and $80 a barrel is “ideal.” “The dollar is so heavily sold at the moment, creating the opportunity for a bit of strength in the dollar and softness in oil,” Mark Pervan, head of commodity research at Australia & New Zealand Banking Group Ltd. in Melbourne, said by phone. “You would be leaning toward a softer oil price this week.”

Crude for November delivery fell as much as 66 cents, or 0.8 percent, to $81.55 a barrel on the New York Mercantile Exchange, and was at $81.62 at 12:14 p.m. Singapore time. Yesterday, prices lost 0.5 percent to $82.21. Futures last week recorded a third consecutive weekly gain, the longest stretch since June. Brent crude for November settlement declined as much as 0.8 percent to $83.07 a barrel. The contract slipped 31 cents, or 0.4 percent, yesterday to $83.72 on the ICE Futures Europe exchange in London......Read the entire article.

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