Crude Oil down as dollar gains, equity falls

13:41, October 24, 2009      

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Crude prices continued to fall as the U.S. dollar gained broadly against a basket of currencies and Wall Street retreated on doubts of the pace of recovery.

Light, sweet crude for December delivery gave up 69 cents to settle at 80.50 dollars a barrel on the New York Mercantile Exchange.

The dollar strengthened against most actively traded currencies on speculation the Federal Reserve will increase interest rates sooner than expected. As the dollar rebounded from its lowest in 14 months, most of the commodities were under pressure since they are priced in the greenback around the world.

Meanwhile, the losses on the equities market also dragged oil prices lower, as the Dow Jones Industrial Average tumbled more than 100 points and traded below 10,000 when the oil market closed.

In London, Brent Crude for October delivery fell 59 cents to settle at 78.92 dollars a barrel on the ICE Futures exchange.

Source: Xinhua
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