Oil sinks as stock tumbles, dollar strengthens

08:07, November 20, 2009      

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Crude prices plunged nearly 3 percent on Thursday, pressured by the big drop on the equities market and an increase in the U.S. currency.

Light, sweet crude for December delivery fell 2.12 U.S. dollars, or 2.7 percent, to settle at 77.46 dollars a barrel on the New York Mercantile Exchange.

U.S. Stock fell, with major averages dropped most since October30, as concern grew that the rally has outpaced the prospects for economic growth, dragging oil down as much as 3.2 percent in the session.

The dollar strengthened against a basket of major currencies, reducing the appeal of commodities as an alternative investment.

In London, Brent Crude for January delivery gave up 1.74 dollars to 77.73 dollars a barrel on the ICE Futures exchange.

Source: Xinhua
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