Friday, January 6, 2012

Rigzone: Crude Ends Lower On Weak Equities, Dollar Gains

Crude oil futures fell Friday despite an improving U.S. jobs picture as traders focused on declines in equities markets and a stronger dollar.

Light, sweet crude oil for February delivery settled 25 cents, or 0.3%, lower at $101.56 a barrel on the New York Mercantile Exchange after trading as high as $102.80 earlier in the session. Brent crude oil on the ICE Futures exchange rose late in the session to trade 80 cents higher at $113.06 a barrel.

After trading higher early Friday, a lower opening for the U.S. stock market held oil futures in negative territory. Equities have served as a guide for oil prices in recent months, and worries about Italy's debt situation kept investors from cheering an improving U.S. employment picture.

A stronger dollar against the euro also took some wind out of the oil market. A rising dollar typically weighs on oil as it makes crude oil more expensive for buyers in other currencies.....Read the entire article.


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