As the traders are keeping a close watch on the currency market and not paying much attention on the data related to the economy of China and crude oils, the prices of oil dropped to about $82 per barrel on Thursday in Asian market.
On the New York Mercantile Exchange, the trade of the light, sweet crude futures for delivery in the month of December was reported to be $82.05 per barrel at 0710 GMT, which is down by 49 cents in the Globex electronic session.
On London’s ICE Futures exchange, Brent crude for December delivery dropped by 37 cents to $83.23 per barrel.
Global stock markets and the value of the dollar have played an important role in deciding the oil prices for most of the 2009.
The U.S. Treasury Secretary Timothy Geithner stated that main currencies were in alignment, indicating that the value of the dollar will not fall down further against euro and yen.
On Wednesday, the euro went down to $1.3914 from $1.3951 and the dollar jumped to 81.23 yen from 81.12 yen. The ICE Dollar Index went up by 0.03 at 77.20.
On Wednesday, the traders were particularly happy with the fall of 1.1 million barrels at the major storage terminal in Cushing, Oklahoma.
ICE gasoil for the month of November was reported to be at $706.50 per metric ton, which is up by $0.50 from the previous settlement.
