Oil slips after spurt on Russia tensions
Saturday, 23 August 2008
LONDON, Aug 22(Reuters): Oil fell more than a dollar Friday, a day after its biggest jump in three months as part of a wider commodities rally spurred by a slump in the U.S. dollar, and mounting tension between the United States and Russia.
Crude fell $1.38 cents to $119.83 a barrel by 8:27 a.m. EDT, after surging nearly 5 percent Thursday. London Brent crude fell $1.35 cents to $118.81. Oil lost traction as the dollar fought back from the previous day's sharp correction versus a basket of major currencies on Friday.
A steep fall in the dollar on Thursday amid worries of wider credit-related losses at some US financial firms saw investors reinstating their long-commodities/short-dollar positions, driving prices across a raft of commodities higher.
Crude fell $1.38 cents to $119.83 a barrel by 8:27 a.m. EDT, after surging nearly 5 percent Thursday. London Brent crude fell $1.35 cents to $118.81. Oil lost traction as the dollar fought back from the previous day's sharp correction versus a basket of major currencies on Friday.
A steep fall in the dollar on Thursday amid worries of wider credit-related losses at some US financial firms saw investors reinstating their long-commodities/short-dollar positions, driving prices across a raft of commodities higher.