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Crude Oil Backs Off Highs, Finishes Above $77 78 days ago
(RTTNews) - Crude oil finished modestly higher Monday but backed off its daily high near $80 per barrel. Oil rose on a weaker dollar and concerns over political tensions in the Middle East.
Light sweet crude for December delivery finished at 77.56 per barrel, up 84 cents on the session. Prices earlier reached as high as $79.92.
The dollar hit a weekly low against the euro and approached a 15-month low. The buck also dropped away from a 2 1/2-week high versus the sterling.
In economic news, a National Association of Realtors report showed that existing home sales jumped 10.1 percent to an annual rate of 6.10 million units in October from a downwardly revised 5.54 million in September. Economists had expected sales to rise to 5.70 million from the 5.57 million originally reported for the previous month.
On Tuesday, the preliminary third-quarter gross domestic product report is due at 8:30 a.m. ET. A rise of 2.9% is forecast, compared to a 3.5% in the second quarter.
Traders also looked ahead to Wednesday's Energy Department inventory report. Last week's data showed crude oil inventories decreased by 900,000 barrels in the week ended November 13.
Experts were looking for a rise of 1.2 million barrels. Total motor gasoline inventories decreased by 1.7 million barrels last week.
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