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News Link • Economy - Economics USA

Crude Oil Tumbles for an Eighth Day as Dollar Strengthens

Dec. 11 (Bloomberg) -- Crude oil tumbled for an eighth day, the longest stretch in six years, as the dollar rose against the euro, curbing investor appetite for commodities.

Oil fell to a two-month low after the greenback advanced on speculation the Federal Reserve will increase borrowing costs next year because of an improving economy. Prices have dropped 11 percent in eight days on the dollar’s strength and rising U.S. fuel inventories.

“This move lower has been triggered by what’s happened in other markets,” said David Kirsch, an analyst with PFC Energy in Washington, an energy strategist to companies and governments. “Market sentiment has shifted, and is now focused on the weak fundamentals.”

Crude oil for January delivery fell 59 cents, or 0.8 percent, to $69.95 a barrel at 1:07 p.m. on the New York Mercantile Exchange. Futures touched $69.46, the lowest since Oct. 8. Prices are heading for a 7.3 percent drop this week, the biggest since September.

 

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