The price of crude oil was moving lower Monday morning before Hurricane Sandy strikes the U.S. East Coast.
Light Sweet Crude Oil (WTI) futures for December delivery, shed $0.57 to $85.71 a barrel. Last week, oil settled near a 3-month low on demand growth concerns after an Energy Information Administration weekly oil report showed U.S. crude oil stockpiles to have increased more than expected last week. Investors also weighed some soft global economic data with Europe in focus
This morning, the U.S. dollar was extending its 2-week high versus the euro and leveling off from a weekly low against sterling. The buck was slipping from its 4-month high versus the yen, while ticking higher against the Swiss franc.
In economic news from the euro zone, Sweden's retail sales increased in September, after recording a decline in the previous month, data released by Statistics Sweden showed. Retail sales volume increased a seasonally adjusted 1.7 percent sequentially in September, reversing the 0.4 percent decrease seen in August.
