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Crude Oil Settles Below $80 As Stock Rally Fizzles 11 days ago
(RTTNews) - Crude oil gave back early gains and finished modestly lower on Tuesday as weaker global equities pulled prices lower.
Light sweet crude for December delivery fell to $79.05 per barrel, down 38 cents on the session. Prices reached as high as $80.51 earlier in the session.
The U.S. dollar returned to its overnight levels against the euro after giving back a mid-morning rally. The dollar had tested a 15-month low on Monday.
Atlanta Federal Reserve President Dennis Lockhart said that the overall objective of economic policy should be to bring about a durable recovery, reduce unemployment and corral inflationary pressures.
San Francisco Federal Reserve President Janet Yellen said that while economic recovery has begun and seems to be "more than a flash in the pan," there are many factors that call into question the durability of the recovery.
Oil rose early as concerns lingered over Tropical Storm Ida, although the storm lost most of its steam as it reached the Gulf Coast on Thursday morning. Ida is the ninth named storm of Atlantic Hurricane season, which ends at the end of the month.
The International Energy Agency released its World Energy Outlook report on Tuesday, raising its 2010 consumption forecast for the third straight month. the EIA expects consumption to rise to 86.1 million barrels a day next year.
The organization also lowered its forecast for long-term demand, reducing its expectations for 2030 to 105 million barrels a day, compared to last year's forecast of 106 million barrels per day.
The Energy Information Administration's inventory report will be released on Thursday, a day later than usual because of Veterans Day tomorrow
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