Archive for January, 2010
London Oil Prices Fall As Stronger Dollar
Oil prices in London fell on Thursday, under pressure from the strengthening dollar makes crude oil priced in dollars more expensive for buyers using weaker currencies.
The New York’s main contract is light sweet crude for delivery in June, down one dollar to 74.65 dollars per barrel.
Brent North Sea crude oil for June delivery fell 68 cents to 80.52 dollars per barrel.
The European single currency fall sharply against the dollar on Thursday, as traders seek “safe haven” (safe haven), the U.S. currency in the face of mounting debt and deficit concerns the euro zone.
Units of the euro zone sank as low as 1.2540 dollars – is not far from the 14-month low of 1.2529 dollars reached a week ago.
“A weak euro is still burdening prices,” said analyst Andrey Kryuchenkov VTB Capital.