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Oil falls over $3 on dollar, financial worries

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Fayen Wong
Sunday, Sept 29, 2008

Oil fell over $3 to below $104 a barrel on Monday, pressured by gains in the U.S. dollar and growing worries that the U.S. government’s planned $700 billion rescue plan would not ease wider economic problems.

Signs that the financial crisis is spreading beyond the United States to Europe, where Belgian-Dutch group Fortis and British mortgage lender Bradford & Bingley (BB.L: Quote, Profile, Research, Stock Buzz) faced nationalization, also worsened Europe’s economic outlook and cast a pall over energy demand.

U.S. light crude for November delivery fell $3.11 to $103.78 a barrel by 3:52 a.m. EDT, adding to Friday’s losses of $1.13.

London Brent crude fell $2.88 to $100.66.

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“There are two factors at play here. One is the short term effect of a rally in the U.S. dollar and second is ongoing concerns about U.S. demand and elsewhere. I think the demand destruction will be significant enough to cut quite deeply into oil prices,” said Jonathan Kornafel, Asia director of Hudson Capital Energy in Singapore.

The U.S. dollar rose over 1 percent against the euro on Monday, first on hopes a bailout bill would soon be passed and later boosted by a further decline in the euro due to growing concerns about the financial system as the toll from the credit crisis spreads to Europe.

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This article was posted: Monday, September 29, 2008 at 3:36 am

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