NEW YORK, Oct. 20 - Crude prices retreated from 80 U.S. dollars a barrel after the dollar rebounded from a fresh 14-month low.
Light, sweet crude for November delivery pulled back after briefly topping 80 dollars a barrel and settled 52 cents down to 79.09 dollars a barrel on the New York Mercantile Exchange. As November contract expires on Tuesday, the more active December contract also fell 84 cents to settle at 79.12 dollars a barrel.
Oil's pull-back was not surprising to the market, as it had gained more than 10 dollars in an eight-day rally. But Tuesday's decline was mainly because of the strengthening dollar. Crude fellby 1 percent as soon as the dollar went into positive territory against the euro.
In London, Brent Crude for October delivery slipped 53 cents to settle at 77.24 dollars a barrel on the ICE Futures exchange.
Light, sweet crude for November delivery pulled back after briefly topping 80 dollars a barrel and settled 52 cents down to 79.09 dollars a barrel on the New York Mercantile Exchange. As November contract expires on Tuesday, the more active December contract also fell 84 cents to settle at 79.12 dollars a barrel.
Oil's pull-back was not surprising to the market, as it had gained more than 10 dollars in an eight-day rally. But Tuesday's decline was mainly because of the strengthening dollar. Crude fellby 1 percent as soon as the dollar went into positive territory against the euro.
In London, Brent Crude for October delivery slipped 53 cents to settle at 77.24 dollars a barrel on the ICE Futures exchange.
