desidata
09-09-2008, 03:00 PM
Oil prices fell back towards a five-month low on Tuesday, resuming a near two-week slide as a resurgent US dollar drove investors away from commodities and OPEC appeared set to sit tight on production policy. Concerns over another hurricane seen strengthening in the oil-rich Gulf of Mexico were countered by the greenback's surge to a one-year peak against a basket of currencies after the US government's takeover of troubled mortgage financiers.
US crude for October delivery fell $1.00 a barrel by 0653 GMT, nearly hitting Monday's five-month low of $104.70 a barrel as it resumes a slump that has shaved more than 10 percent off prices since Aug 27. London Brent crude fell 97 cents to $102.47 a barrel, threatening to dip back into double-digit territory for the first time since early April.
US crude for October delivery fell $1.00 a barrel by 0653 GMT, nearly hitting Monday's five-month low of $104.70 a barrel as it resumes a slump that has shaved more than 10 percent off prices since Aug 27. London Brent crude fell 97 cents to $102.47 a barrel, threatening to dip back into double-digit territory for the first time since early April.