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Oil falls to near $119 as dollar strengthens
Friday, August 08, 2008 | No comments posted.
SINGAPORE (AP) — Oil prices dropped to near $119 a barrel today in Asia as a strengthening dollar and worries about economic growth offset supply concerns over Turkish pipeline sabotage that was claimed by Kurdish rebels.
Light, sweet crude for September delivery fell 90 cents to $119.12 a barrel in electronic trading on the New York Mercantile Exchange by midafternoon in Singapore. The contract rose $1.14 cents overnight to settle at $120.02 a barrel.
The gains Thursday in the U.S. came after pro-Kurdish news agency Firat said the separatist group Kurdistan Workers’ Party, known as PKK, admitted sabotaging the Turkish section of the critical Baku-Tbilisi-Ceyhan pipeline earlier this week.
Turkey’s state-run Anatolia news agency reported that the fire, which was said to be under control Thursday, could cause the pipeline to be shut down for up to 15 days, stoking supply worries among oil market traders.
But the dollar has also strengthened against the euro and yen after the European Central Bank and the Bank of England both left their benchmark interest rates unchanged under conflicting pressure from higher inflation and mounting concern about economic growth.
Light, sweet crude for September delivery fell 90 cents to $119.12 a barrel in electronic trading on the New York Mercantile Exchange by midafternoon in Singapore. The contract rose $1.14 cents overnight to settle at $120.02 a barrel.
The gains Thursday in the U.S. came after pro-Kurdish news agency Firat said the separatist group Kurdistan Workers’ Party, known as PKK, admitted sabotaging the Turkish section of the critical Baku-Tbilisi-Ceyhan pipeline earlier this week.
Turkey’s state-run Anatolia news agency reported that the fire, which was said to be under control Thursday, could cause the pipeline to be shut down for up to 15 days, stoking supply worries among oil market traders.
But the dollar has also strengthened against the euro and yen after the European Central Bank and the Bank of England both left their benchmark interest rates unchanged under conflicting pressure from higher inflation and mounting concern about economic growth.
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