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Latest Headlines
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Jul 12, 2010 1:47:00 PM MST
Oil below US$75 on stronger U.S. dollar as traders look to earnings for clues (Oil-Prices)
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NEW YORK _ Oil prices retreated Monday as the U.S. dollar strengthened and traders awaited earnings from aluminum giant Alcoa Inc., which reports after the markets close.
Benchmark crude lost US$1.14 to settle at $74.95 a barrel on the New York Mercantile Exchange
A stronger U.S. dollar hurts oil prices. Oil and other commodities are priced in dollars so a stronger dollar makes them more expensive for foreign buyers.
The U.S. currency gained broadly Monday because of pessimism about corporate outlooks, said MF Glboal analyst Jessica Hoversen. U.S. companies begin reporting second-quarter results this week.
The euro slipped below $1.26 after hitting two-month highs above $1.27 late last week. In morning trading in New York, the euro fell to $1.2581 from $1.2647 late Friday.
Oil prices rose sharply last week on investor optimism that the U.S. economy, while likely to slow, won´t slip into recession later this year.
"The bottom line is that the economic recovery is slowing down sooner than many analysts expected," energy consultant and trader The Schork Group said in a report. "But we will take a slow recovery over no recovery any day of the week."
Traders will be eyeing closely second-quarter corporate earnings, beginning this week with reports from Alcoa Inc., Intel Corp., Google Inc., JPMorgan Chase & Co., Bank of America Corp.
In other Nymex trading, heating oil fell 3.44 cents to settle at $1.9913 a gallon, gasoline ped 4.20 cents to settle at $2.0280 a gallon and natural gas gave up 1.4 cents to settle at $4.388 per 1,000 cubic feet.
In London, Brent crude fell $1.05 to settle at $74.37 a barrel on the ICE Futures exchange.
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Associated Press writers Alex Kennedy in Singapore and Pablo Gorondi in Budapest, Hungary, contributed to this report.
(TSX:ECA, TSX:IMO, TSX:SU, TSX:HSE, NYSE:BP, NYSE:COP, NYSE:XOM, NYSE:CVX, TSX:CNQ, TSX:TLM, TSX:COS.UN, TSX:CVE)
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