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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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Crude Oil rose above UD$75bbl to settle at a record high on the year Wednesday as economic optimism hinted at a recovery in global energy demand. US crude settled up US$1.03 at US$75.18 bbl, the highest settlement since October 14, 2008. Brent Light Crude settled up 70 cents to US$73.10 bbl. Support was provided by a weakened US$ which slipped to its lowest level in more than a year, making dollar denominated commodities like Crude Oil and Gold more affordable for holders of other currencies. “The dollar is weak and people are buying commodities, that’s by far the sole and exclusive reason we’ve seen behind the crude rally today,” said Tom Knight, broker at Truman Arnold in Texarkana, Texas. “There are those who also see the rally in equities as supportive, as it raises hopes for improving oil demand.” Crude Oil has more than doubled from below US$33 bbl last December in anticipation of this economic recovery.

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Crude Oil stabilized below US$70 bbl as mixed economic data failed to provide momentum in either direction. Light, sweet crude for October delivery ended 9 cents lower at US$67.96 bbl on the New York Mercantile Exchange. The contract earlier rose to an intra-day high of US$69.40 bbl on US stock gains and a weaker US$. Wall Street was driven up by upbeat retail sales after a four day losing streak for the Standard & Poor’s 500 Index. In London, Brent Crude for October delivery fell 54 cents to settle at US$67.12 bbl on the ICE Futures exchange.

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