TH: Oil hovers below $83 as global stock rally stumbles
SINGAPORE — Oil prices hovered below $83 a barrel Friday in Asia as a global stock rally stumbled and the U.S. dollar stabilized.
Benchmark oil for November delivery was up 19 cents at $82.88 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract lost 32 cents to settle at $82.69 on Thursday.
Oil prices broke above $80 last month as crude traders took their cues from surging stock markets and a weakening dollar, which makes dollar-based commodities such as oil cheaper for investors with foreign currencies.
