Monday, August 10, 2009

Crude Oil Falls for Third Day in New York as Equities Decline

Crude oil fell for a third session in New York as equities declined and the dollar rebounded against the euro, reducing the need for commodities as an alternate investment. Oil dropped as U.S. equities declined after four straight weeks of gains. Those increases left the Standard & Poor’s 500 Index trading at its highest level relative to earnings in more than four years. The dollar gained for a fifth day.
“Traders are just looking toward the Dow and the S&P and selling off, because we’ve had a pretty substantial run up,” said Brad Samples, a commodity analyst for Summit Energy Inc., an energy management company.....Complete Story

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