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Oil prices fall by 2%

28 March 2009 11:12 (UTC +04:00)

Baku-APA. rude oil in New York fell the most in two weeks as the dollarâ€™s gain against the euro reduced the appeal of commodities to investors and stock markets declined< Bloomberg reports.
The euro, which is used in 16 nations, fell the most against the dollar in more than a month after Europeâ€™s statistics office said industrial orders in the region plunged in January. The currency declined as much as 2 percent to $1.3257, the biggest intraday drop since Feb. 17, and was at $1.3301 at 2:55 p.m. in New York.
A stronger dollar makes commodities less attractive as an alternative investment.
Crude oil for May delivery fell $1.96 to settle at $52.38 a barrel at 2:51 p.m. on the New York Mercantile Exchange. The contract rose 0.6 percent this week. Prices are up 17 percent this year.
Brent crude oil for May settlement fell $1.48, or 2.8 percent, to end the session at $51.98 a barrel on Londonâ€™s ICE Futures Europe exchange.