Oil Drops Below $70 as Dollar Strengthens, Equities Decline

Crude oil fell below $70 a barrel in New York as the dollar strengthened for a sixth day and U.S. equities dropped.

Oil declined as the dollar rose 2 percent since Aug. 3. Stocks slipped as analysts cut ratings on companies including Sprint Nextel Corp. and MBIA Inc., overshadowing a bigger-than- estimated increase in worker productivity.

“Your bearish pressures are still there,” said Bill O’Grady, chief market strategist for Confluence Investment Management in St. Louis. “The recession probably ended in June, but it’s going to be a slow global recovery, and these prices are probably pretty elevated.”

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- Posted: 2009-08-11 09:48:16

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