Oil dips on renewed demand concerns, dollar rebound |
|
|
|
Published
:
Mon, 10 Dec 2007 10:28
|
LONDON (Thomson Financial) - Oil edged lower as the dollar strengthened slightly against the euro and as worries over the demand outlook were renewed following falls in Asian and European equity markets.The falls were sparked by an announcement from UBS AG, which flagged a fourth quarter loss and said it will write down the value of its US subprime-related holdings by another 10 bln usd.'When banks report write downs it brings nervousness back into market - Asia was down, the Dow futures are pointing lower and Europe is down so that's why crude is down also,' said Nas Nijjar, a trader at CMC Markets.He added that the slight rebound in the dollar was also weighing on oil. A stronger dollar makes oil more expensive to holders of foreign currency. It also reduces the appeal of oil as a hedge against dollar weakness.At 9.30 am, New York's WTI (West Texas Intermediate) crude for January delivery was down 44 cents at 87.84 usd per barrel. Meanwhile, London's Brent crude for January delivery was down 59 cents at 98.05 usd per barrel.maytaal.angel@thomson.comma/ajbCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
|
|
|
|
|
|
|
| Stock
Quotes * |
|
NASDAQ
|
|
1571.59 |
-45.42 (
-2.81 %)
|
| SYMBOL (
2009-01-09 ) |
| LAST |
CHANGE
|
|
CARNIVAL
(
11:35am )
|
|
1519.00 |
+12.00 (
0.79 %)
|
| SYMBOL (
2009-01-09 )
|
| LAST |
CHANGE
|
| SYMBOL (
2009-01-09 )
|
| LAST |
CHANGE
|
|
|
Print this Story
Oil steadies as record dollar weakness offsets demand worries 