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Sunday, October 17, 2010

Crude Oil Declines on Weaker Outlook in Fuel Demand

Crude oil declined for a third day in New York amid speculation that builders in the U.S. started fewer homes in September and as the dollar gained against the euro, curbing the appeal of commodities as an alternative investment. Crude fell as the U.S. currency climbed for a second day after rebounding from the lowest level since January. Work began on 580,000 houses at an annual rate, down 3 percent from August, according to the median estimate of 56 economists surveyed by Bloomberg News before Commerce Department figures due tomorrow. Futures are on the longest losing streak since September. “Oil continues to be heavily impacted by U.S. dollar movements,” said Ben Westmore, minerals and energy economist at National Australia Bank Ltd. in Melbourne.

The November contract dropped as much as 69 cents, or 0.9 percent, to $80.56 a barrel in electronic trading on the New York Mercantile Exchange, and was at $80.77 at 11:08 a.m. Singapore time. Futures lost $1.44, or 1.7 percent, to $81.25 on Oct. 15, the lowest settlement since Sept. 30. The market is in its longest pullback since a four day drop through Sept. 17. Prices slipped 1.7 percent last week and are up 1.8 percent this year. Brent crude for December settlement declined as much as 65 cents, or 0.8 percent, to $81.80 a barrel on the ICE Futures Europe exchange in London. The contract on Oct. 15 dropped $1.75, or 2.1 percent, to $82.45......Read the entire article.

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