Commodities: Oil pressured by stronger dollar

Date: Wednesday 10 Mar 2010

Crude oil prices slipped on Tuesday pressured by a stronger dollar.

Crude for April delivery settled 38 cents lower at $81.49 a barrel on the New York Mercantile Exchange, after skidding to a low of $80.16 a barrel earlier.

The dollar rose against most major currencies making commodities, priced in US dollars, more expensive for holders of other currencies. Otherwise there was little else to move oil prices with economic data thin on the ground and no other major news to digest.

The market will be keeping a close eye on Wednesday’s Energy Information Administration’s weekly oil inventory report which is expected to show US crude oil supplies rose by 2.1m barrels last week.

Gold futures settled lower on Tuesday as the dollar gathered strength against major currencies and as risk appetite faded and profit takers moved in. Gold for April delivery fell $1.7 to $1,122.3 an ounce in New York.

May silver fell 7 cents to $17.34 an ounce.

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