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Crude Oil Slips From Five-Month High as U.S. Equities Retreat
2010-10-07 14:13:33.738 GMT
By Mark Shenk
Oct. 7 (Bloomberg) -- Crude oil slipped from a five-month
high after U.S. equities fluctuated and the dollar pared losses
versus the euro.
Oil dropped as much as 0.7 percent as stocks drifted
between gains and losses as declines in commodity producers
overshadowed a rally in financial companies. The strengthening
U.S. currency reduced the appeal of commodities as an
alternative investment.
"The dollar and equities are the main drivers," said Kyle
Cooper, director of research for IAF Advisors in Houston. "What
happens with inventories and demand isn't that important."
Crude oil for November delivery fell 18 cents to $83.05 a
barrel at 10:09 a.m. on the New York Mercantile Exchange. Oil
dipped as much as 55 cents to $82.68. Futures reached $84.43
earlier today, the highest level since May 4.
The dollar fell 0.1 percent against the euro to $1.3943
after reaching an eight-month low of $1.4029 in New York.
Brent crude oil for November settlement declined 66 cents,
or 0.8 percent, to $84.40 a barrel on the ICE Futures Europe
exchange in London. It reached $86.02, the highest level since
May 4.
For Related News and Information:
News on oil markets: NI OILMARKET <GO>
Top energy, oil stories: ETOP <GO> and OTOP <GO>
News on oil inventories: TNI OIL INV <GO>
OPEC news: NI OPEC <GO>
Global Energy Statistics: ENST <GO>
--Editors: Joe Link, David Marino
To contact the reporter on this story:
Mark Shenk in New York at +1-212-617-4331 or
mshenk1@bloomberg.net
To contact the editor responsible for this story:
Dan Stets at +1-212-617-4403 or
dstets@bloomberg.net
