FRX: Crude-Oil Futures Decline As Greenback Strengthens
Crude-oil futures dropped in the Asian session as the US dollar strengthened versus the Japanese yen, driven by strong US economic data.
Koichi Murakami, an analyst with broker Daiichi Shohin, said, "Investors have been buying back the dollar, reversing some of the dollar weakness that has been a major driver of gains in crude, gold and other commodities.” The data on US oil inventories by the Energy Information Administration (EIA) is scheduled for release today.
On the New York Mercantile Exchange (NYMEX), light, sweet crude futures for delivery in December moved down $0.50 to $82.05 per barrel in the Globex electronic session.
