MW: Oil futures fall 4%, as stocks drop, dollar gains
Oil futures fell 4% early Friday, pressured by falling equity markets and strength in the U.S. dollar. Crude oil for April delivery dropped $1.83, or 4%, to $43.39 a barrel on Globex. "Oil prices are falling after three days of gains, as stock markets drop on renewed recession fears and growth concerns," said analysts at Action Economics. Also, a stronger U.S. dollar is reducing the appeal of commodities priced in dollars, they said. On Thursday, oil futures rallied 6.4% to their highest level in one month.
