Crude Declines On Dollar, Economic Worries
Crude oil fell in New York, set for its biggest weekly decline in a month, after the dollar rallied and concern deepened that a global economic slowdown will pare demand.
Oil has fallen more than 6 percent this week as the euro dropped to the weakest this year against the dollar amid signs Europe's economy is slowing. Demand for crude will increase 1 percent in 2009, the slowest in seven years, OPEC said in its forecast last month, as high oil prices stunt growth.
Crude oil for October delivery fell as much as 64 cents, or 0.6 percent, to $107.25 a barrel, and traded at $107.46 at 8:00 a.m. London time on the New York Mercantile Exchange. Yesterday, oil dropped 1.3 percent to settle at $107.89 a barrel in New York, the lowest close since April 4.
Prices are down 27 percent from the record $147.27 reached July 11.
Oil has fallen more than 6 percent this week as the euro dropped to the weakest this year against the dollar amid signs Europe's economy is slowing. Demand for crude will increase 1 percent in 2009, the slowest in seven years, OPEC said in its forecast last month, as high oil prices stunt growth.
Crude oil for October delivery fell as much as 64 cents, or 0.6 percent, to $107.25 a barrel, and traded at $107.46 at 8:00 a.m. London time on the New York Mercantile Exchange. Yesterday, oil dropped 1.3 percent to settle at $107.89 a barrel in New York, the lowest close since April 4.
Prices are down 27 percent from the record $147.27 reached July 11.
