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Oil falls below $70 on stronger dollar

(Xinhua)
Updated: 2009-09-22 04:21

NEW YORK: Crude oil prices plunged below $70 a barrel on Monday as the dollar strengthened against a basket of major currencies, reducing hedge appeal of commodities.

Related readings:  Commodity rally lifts share prices  Oil price holds key for electric autos  OPEC maintains oil output quota  World oil demand to resume growth in 2010: report  Oil shoots above $71 a barrel on weak dollar

Light, sweet crude for October delivery dropped %2.33, or 3.2 percent, to settle at %69.71 a barrel on the New York Mercantile Exchange. The contract earlier touched an intra-day low of $68.96 a barrel.

The dollar traded at a one-week high on Monday, giving crude a hit as the stronger currency undermined demand for dollar-priced oil, often used to hedge against inflation.

Meanwhile, Wall Street declined on rising concerns that equities had outpaced the outlook for economic growth, dragging oil prices lower.

In London, Brent Crude for November delivery fell $2.73 to $68.59 a barrel on the ICE Futures exchange.