Crude oil fluctuated as Tropical Depression Ida weakened and the dollar gained against the currencies of major U.S. trading partners. Ida’s sustained winds have dropped to 35 miles (56 kilometers) per hour from 45 mph earlier, the National Hurricane Center said on its Web site. Producers have begun preparations to resume operations. A stronger dollar reduces the appeal of commodities to investors looking for an inflation hedge.
“I doubt there was any severe damage caused by Ida,” said Bill O’Grady, chief market strategist at Confluence Investment Management in St. Louis. “There will probably be some impact on next week’s inventory data, but that’s it.” Crude oil for December delivery fell 32 cents, or 0.4 percent, to $79.11 a barrel at 11:36 a.m. on the New York Mercantile Exchange. Futures dropped as much as 88 cents and climbed as much as $1.08 today. Prices have increased 77 percent this year.....Read the entire article.
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