RSS Feed (xml)
curde above 70 dollars per barrel for the first time in seven months,
before the market settled back on a us dollar rebound.
NewYork's main futures contract, light sweet crude for delivery in
july closed at 68.44 dollars, down 34 cents, after a jump to 70.32
dollars a barrel, the highest level since november 4.
Brent North Sea curude for july delivery fell 37 cents to 68.34
dollars a barrel in London, having spiked as high as 69.91 dollars.
Analysts said that a surprise rise in the US dollar after a mostly
positive American jobs report dragged down oil prices.
The dollar, often regarded as a safe haven in times of economic
turmoil, has been dropping on data showing signs of economic recovery.
John Kilduff to MF Global said the market had to cope with "a very
strong rally of the dollar which should have engendered losses for
crude oil," but that reaction was muddled by a mixed repot on US
enployment. Kilduff said that after 70 dollars was breached, "we've
seen a terrific amount of profit taking"
