Crude falls $3/bbl as dollar rises on bailout hope

29 September 2008 09:19  [Source: ICIS news]

SINGAPORE (ICIS news)--Crude futures fell more than $3/bbl on Monday, as the US dollar strengthened amid expectations Washington’s $700bn rescue plan for the financial sector will win approval from lawmakers.

  

At 07:57 GMT, November NYMEX light sweet crude futures were trading at $103.65/bbl, down $3.24/bbl on last Friday’s settlement level, having earlier fallen to a low of $103.55/bbl, down $3.34/bbl.

 

At the same time, November Brent on London’s ICE Futures was trading at $100.59/bbl, down $2.95/bbl on last Friday’s settlement price, having earlier hitting a low of $100.51/bbl, down $3.03/bbl.

 

The US dollar made substantial gains against the euro on Monday rising above  €0.6980.

 

The dollar was buoyed by news on Sunday that senior US politicians had reached an agreement over a plan to purchase $700bn of troubled debt in order to stabilise the financial system. President George W Bush has called on lawmakers in both houses of the US Congress to support the plan in a vote expected later.

 

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By: James Dennis
+65 6780 4359

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