Monday, November 8, 2010
Crude Oil Declines From Two Year High After Dollar Advances Against Euro
Crude for December delivery was unchanged from Nov. 5 at $86.85 a barrel at 12:52 p.m. on the New York Mercantile Exchange. Oil has gained 12 percent in the past year. Prices jumped 6.7 percent last week, the most since February, as the Labor Department said U.S. payrolls climbed by 151,000 workers in October following a revised 41,000 drop the prior month. New York oil futures reached $87.49 a barrel earlier today, the highest price since Oct. 9, 2008, on an intraday basis. Brent crude for December settlement rose 20 cents, or 0.2 percent, to $88.31 a barrel on the ICE Futures Europe exchange in London.
The world will “have to live with current oil prices,” Qatari Oil Minister Abdullah al-Attiyah said today in Doha. The market isn’t oversupplied with oil, he added. The dollar gained 0.6 percent to $1.3943 per euro from $1.4032 on Nov. 5 in New York. The currency has advanced 1.9 percent since Nov. 4. It rose today amid concern that Ireland will struggle to plug its budget deficit......Read the entire article.