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Oil prices trading up on hurricane Ida concerns, weaker US dollar
Published on November 9, 2009 by oilprices · 2 CommentsOil prices rose $1 to $78.43 a barrel on Monday in early trading in Asia, as Hurricane Ida roared through the Gulf of Mexico, where important oil fields are located, and on the back of the falling US dollar.
In early trading US crude oil futures for December were up 98 cents to $78.41 a barrel after earlier surging by around $1.00 on the NYMEX. Light oil prices fell $2.19 to settle at $77.43 on Friday after the Labor Department said the unemployment rate jumped more than expected in October to 10.2 percent, the highest since 1983. London Brent crude oil futures rose 90 cents to $76.77 a barrel on the ICE Futures Exchange on Monday.
Crude oil prices have traded inversely to the US dollar for months as investors buy commodities such as oil as a hedge against inflation and a weaker US currency.
Tags: Hurricane Ida, oil prices, US dollar
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[...] the original here: Oil prices trading up on hurricane Ida concerns, weaker US dollar … By admin | category: oil price, price | tags: barrel-on-monday, deputy, early-trading, [...]
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