Business, News - Posted by Axxa News Team on Saturday, August 23, 2008 13:13 - 0 Comments
Oil price down as dollar rebounds
The price of oil dropped more than a dollar on Friday, reversing earlier gains, as the dollar strengthened.
US sweet light crude shed $1.38 to $119.83 while London Brent crude dropped $1.35 to $118.81.
Investment in commodities tends to rise when the dollar is weak because they are seen as a safe alternative. The reverse happens as the dollar rises.
Another factor pushing down prices is speculation that oil producer group Opec could increase supplies.
Geopolitical tensions - such as the missile shield deal agreed earlier in the week between Poland and the US - had fuelled concerns about oil supply, buoying prices.
These concerns had abated and fears over the state of the US economy - which had sent the dollar down - had also eased.
Prices are far below the record of more than $147 a barrel reached in July.
Many analysts expect that US demand will slow as the economy contracts, pushing prices lower.
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