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Crude Challenges $80 On Weaker Dollar, Storm Concerns 11 days ago
(RTTNews) - Crude oil prices surged toward $80 per barrel on Monday, boosted by a weaker dollar and concerns over Hurricane Ida, which is threatening the Gulf Coast.
Light sweet crude oil for December delivery moved to $79.43 per ounce, up $2 for the session. Prices reached as high as $80.19.
The dollar fell to a two-week low below $1.50 against the euro and drifted toward a 15-month low. The greenback also dropped to a three-month low against the pound.
Ida was downgraded to a Category 1 hurricane as it crossed the Gulf of Mexico on Monday. However, storm warnings remain in place along the Gulf Coast of the U.S. from Mississippi to Florida.
The Energy Information Administration's inventory data will be released on Thursday, a day later than usual because of Veterans Day on Wednesday. Last week's data showed crude oil inventories decreased by 4.0 million barrels compared to the previous week. Experts had forecast an increase of 1.3 million barrels.
There is no major economic news due on Monday and the calendar is on the light side for the week, with many traders taking Wednesday off for Veterans Day. Investors will turn their attention to some Fed speak tomorrow. Atlanta Federal Reserve Bank President Dennis Lockhart, San Francisco Federal Reserve Bank Janet Yellen and Dallas Federal Reserve Bank President Richard Fisher are expected to talk at separate functions.
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