Oil Drops Below $70 as Equities Decline, Dollar Strengthens

Crude oil fell below $70 a barrel in New York U.S. equities dropped and the dollar strengthened for a sixth day. Oil retreated as the Standard & Poor’s 500 Index lost as much as 1.2 percent, the biggest decline in more than a month, after analysts cut ratings on companies including Sprint Nextel Corp. and MBIA Inc. The dollar has risen 2 percent since Aug. 3. “Your bearish pressures are still there,” said Bill O’Grady, chief market strategist for Confluence Investment Management in St. Louis. "The recession probably ended in June, but it’s going to be a slow global recovery, and these prices are probably pretty elevated".....Complete Story