Friday, October 29, 2010
Crude Oil Pares Monthly Gain as Asian Shares Decline, Dollar Rebounds
“There’s no real consensus in markets so that’s why you’re getting this choppy trading where people are changing their view quite regularly, and that’s creating volatility,” said Ben Westmore, a minerals and energy economist at National Australia Bank Ltd. in Melbourne. “It does seem to be more sentiment driven and currency driven.” Crude for December delivery declined as much as 55 cents, or 0.7 percent, to $81.63 a barrel in electronic trading on the New York Mercantile Exchange. It was at $81.71 at 1:50 p.m. Singapore time. Yesterday, the contract added 24 cents to $82.18. Prices, little changed this week, have gained 3 percent since the start of the year.
The dollar climbed 0.4 percent to $1.3876 against the 16 nation euro, damping the appeal of commodities as a hedge against inflation. The yen rose against all major currencies......Read the entire article.
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