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Oil drops for second day on concerns

08 January 2010 08:10 (UTC +04:00)

Bakuâ€“ APA-Economics. Crude oil fell for a second day in New York on concerns investment in commodities may slow after China took steps to tighten bank lending, Bloomberg reported.
Oil also dropped for the first time in 11 trading days yesterday after the number of Americans filing first-time jobless claims gained less than forecast, driving the dollar higher. Chinaâ€™s central bank sold three-month bills at a higher interest rate for the first time in 19 weeks to control expansion in lending.
Crude oil for February delivery fell as much as 50 cents, or 0.6 percent, to $82.16 a barrel in electronic trading on the New York Mercantile Exchange. It was at $82.28 at 2:38 p.m. in Singapore. Yesterday, the contract declined 52 cents to settle at $82.66, the first drop since Dec. 21.
The dollar traded little changed after gaining yesterday. It was at $1.4312 per euro from $1.4308. A stronger dollar curbs the appeal of commodities to investors.
Brent crude oil for February settlement fell as much as 51 cents, or 0.6 percent, to $81 a barrel on the London-based ICE Futures Europe exchange. It was at $81.11 a barrel at 2:36 p.m. Singapore time. Yesterday, the contract fell 38 cents, or 0.5 percent, to $81.51.