A stronger dollar contributed to lower November crude oil futures Monday. Oil settled at $82.21 a barrel, a 45 cent drop from Friday, as the euro declined 0.8% during Monday's trading. Because oil is priced in dollars, a stronger dollar makes the commodity more expensive and thus less attractive to investors. Oil peaked at $83.50 and bottomed out at $82.01.
Crude oil might have lost more ground had gasoline not rallied for the second consecutive trading day. Gasoline, which settled two cents higher to end the day at $2.17 a gallon, has benefited from a recent prediction by the U.S. Department of Agriculture that this year's corn harvest will bring smaller yield. Consequently, prices for the corn based gasoline additive ethanol are expected to rise. Gasoline for November delivery traded within a range from $2.14 to $2.17.
November natural gas continued to follow a downward course Monday, settling a nickel lower at $3.60 per thousand cubic feet. The front month natural gas price fluctuated between $2.14 and $2.17.
Courtesy of
Rigzone.Com
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