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Oil settles below $80

10 November 2009 09:04 (UTC +04:00)

Bakuâ€“ APA-Economics. Crude oil traded near $79 a barrel in New York after rising yesterday as the dollar weakened and Tropical Storm Ida entered the Gulf of Mexico, disrupting more than a quarter of the areaâ€™s oil and gas production.
Oil rose as much as 3.6 percent yesterday after the dollar fell against a basket of six major currencies following a decision by the Group of 20 governments to maintain economic stimulus measures. Workers were evacuated in the Gulf of Mexico and companies idled 29.6 percent of oil and 27.5 percent of natural gas output, according to government data.
Crude oil for December delivery traded at $79.10 a barrel, down 33 cents, in electronic trading on the New York Mercantile Exchange at 9:13 a.m. Singapore time. Yesterday, the contract rose $2, or 2.6 percent, to $79.43. Prices have gained 77 percent this year.
Rising equities also helped push energy prices higher. The Standard & Poorâ€™s 500 Index added 2.2 percent to 1,093.08 in New York yesterday, and the Dow Jones Industrial Average increased 2 percent. Australiaâ€™s benchmark S&P/ASX 200 index gained 1.3 percent at 11:44 a.m. in Sydney.
Oil reached a one-year high of $82 on Oct. 21, as rising equities boosted investor confidence and a falling dollar encouraged buying of physical assets.
Brent crude for December settlement fell as much as 32 cents, or 0.4 percent, to $77.45 on the London-based ICE Futures Europe exchange. Prices rose $1.90, or 2.5 percent, to $77.77 a barrel yesterday.