Crude oil declined in New York for the first time in 11 days as the dollar climbed against the euro and China moved to slow bank lending. Oil fell as much as 1.1 percent after the greenback rose as the number of Americans filing first time jobless claims climbed less than forecast. A stronger dollar curbs the appeal of commodities to investors. China’s central bank sold three month bills at a higher interest rate for the first time in 19 weeks after saying it will focus on controlling expansion in lending. “The rising dollar is the biggest influence right now,” said Tom Bentz, a senior energy analyst at BNP Paribas Commodity Futures Inc. in New York. “It’s weighing on just about all of the commodities.”
Crude oil for February delivery declined 52 cents, or 0.6 percent, to $82.66 a barrel at the 2:30 p.m. close of floor trading on the New York Mercantile Exchange. Oil climbed to $83.52 yesterday, the highest level since Oct. 14, 2008. The U.S. currency increased 0.6 percent versus the euro to $1.4323, from $1.4408 yesterday. The Dollar Index, which tracks the dollar against currencies including the yen, pound and Swedish krona, rose 0.6 percent to 77.933. The Reuters/Jefferies CRB Index of 19 commodities fell 1 percent to 290.93, the first decline this year. “Today’s small move is nothing after 10 days of gains,” said Stephen Schork, president of consultant Schork Group Inc. in Villanova, Pennsylvania. “We could fall for a couple days and it would still be the bulls just catching their breath”.....Read the entire article.
Candlestick Formations You Need To Learn
Share
No comments:
Post a Comment