AUG 11 MONDAY
Crude Oil Rises on Excessive Drop, Supply Threat in Caspian Sea .
Crude oil rose from a 14-week low in New York as traders
deemed last week's 7.9 percent drop as excessive and the
Russia-Georgia conflict raised concern that Caspian Sea
supplies may be disrupted.
Crude oil for September delivery gained as much as $1.54, or
1.3 percent, to $116.74 a barrel in electronic trading on the
New York Mercantile Exchange, and traded at $116.38 at
12:46 p.m. in Singapore. Oil settled at $115.20 on Aug. 8,
the lowest close since May 1.
Futures have fallen 21 percent from the record $147.27 a barrel
reached on July 11.
Brent crude for September settlement rose as much as $1.47, or
1.3 percent, to $114.80 on the ICE Futures Europe exchange,
and traded at $114.70 at 12:37 p.m. Singapore time.
Nymex crude traded at a premium of $1.68 a barrel to Brent
crude oil, compared with 59 cents a month earlier.
New York oil futures fell 4 percent to settle at $115.20 on Aug. 8,
as gains in the dollar reduced the investment appeal of commodities.
Gold, copper and grains also fell as weaker growth prospects in
Europe reduced the likelihood of rate increases there and
delivered the dollar its biggest gain against the euro
since September, 2001.
The euro slumped to a five-month low against the dollar today, and
traded at $1.4986 at 1:02 p.m. in Tokyo, from $1.5005 late
Aug. 8 in New York.
New York oil futures traded as low as $114.62 on Aug. 8, dropping
below the $116.76 level that marks a 50 percent retracement
of the climb in prices from February to July's record
$147.27 a barrel.
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