Crude Oil prices retreated from US$80 bbl after the dollar rebounded from a new 14 month low. Light, sweet crude for November delivery pulled back after briefly topping US$80 bbl and settled 52 cents down to US$79.09 bbl on the New York Merc. As November contract expired on Tuesday, the more active December contract also fell 84 cents to settle at US$79.12 bbl. Crude Oil’s pull-back was not surprising to the market, as it had gained more than 10 dollars in an 8 day rally. But Tuesday’s decline was mainly because of the strengthening USD. Crude Oil fell by 1% as soon as the Dollar went into positive territory against the Euro. In London, Brent Crude for October delivery slipped 53 cents to settle at US$77.24 bbl on the ICE Futures exchange.
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