Tulsa World: Crude oil back above $80 a barrel

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Crude oil back above $80 a barrel

By Associated Press
Published: 11/5/2009 4:29 AM
Last Modified: 11/5/2009 4:29 AM

Crude oil prices bounced above $80 per barrel once again Wednesday, a level that even OPEC leaders have said is too high given the fragile state of the global economy.

And again it is the U.S. currency that is getting most of the blame. The dollar gave up more ground against the euro, with the 16-nation currency buying $1.4702 late Wednesday in New York.

A falling dollar tends to push crude prices higher. Oil is bought and sold with U.S. currency, and when the dollar drops, anyone holding euros or other strong currencies can essentially buy more oil for less.

Benchmark crude for December delivery added 80 cents to settle at $80.40 a barrel Wednesday on the New York Mercantile Exchange.

Earlier in the day, the Energy Information Administration reported that oil and gasoline supplies dropped, a surprise to most energy analysts who believed that the amount of unused crude in storage would grow. By Associated Press

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