Alexander
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Oil Falls a Second Day on Stronger Dollar - 2008/10/02 20:27
Hi guys. The US Congress voting is affecting markets A LOT, not only stocks but forex and commodities as well, especially gold and OIL.
Speaking of the devil, Oil fell for a second day as the dollar reached a one-year high against the euro and U.S. fuel demand dropped to the lowest since the last recession.
Crude dropped after Senate approval of a revised bank rescue proposal yesterday bolstered the U.S. currency, dimming the appeal of commodities often used to hedge against a weaker dollar. U.S. fuel use over the past four weeks averaged 19 million barrels a day, the lowest since October 2001, according to Energy Department data.
Crude oil for November delivery fell as much as $2.51, or 2.6 percent, to $96.02 a barrel in electronic trading on the New York Mercantile Exchange. It was at $97.49 a barrel at 12:40 p.m. London time.
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