Oil crude prices fell below $80 a barrel today, retreating for a third day as a strengthening dollar
Oil fell below $80 a barrel today, retreating for a third day as a strengthening dollar and concerns about the world economy prompted investors to take profits.
US crude was down 75c, or 0,9%, at $79,49 a barrel in late afternoon trade after dropping $1,42 yesterday. London Brent crude was off 91c at $76,73.
Watching a credit crunch in the US and Europe that is showing signs of slowing economic growth, investors have pulled back and halted a rally that pushed oil to a record $83,90 on September 20.
Adding downward pressure today, the dollar recovered from a lifetime low versus the euro that has made dollar-denominated commodities cheaper. As a result, gold prices fell more than 2%.