Oil Pares Biggest Monthly Rally in Two Years as Dollar Climbs

Crude oil dropped in New York as the dollar climbed and equities dropped, trimming the biggest monthly gain in more than two years.

Futures fell as much as 1.9 percent after Japan intervened in the market to weaken the yen against the dollar, making commodities priced in the U.S. currency less attractive to investors. Stocks retreated from a three-month high on concern European leaders will struggle to raise funds to contain the region’s debt crisis.

“Given the strength of the dollar and weakness in the equity markets, crude oil will struggle,” said Addison Armstrong, director of market research at Tradition Energy in Stamford, Connecticut. “The dollar has posted strong gains against most currencies after the Japanese government took steps to curb the yen’s strength.”

Read Full Article from BusinessWeek

- Posted: 2011-10-31 10:37:10

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