Amid Ample US Supplies Oil Drops To Near $84

- November 9th, 2012

The price of oil dropped back to near $84 a barrel on Friday as traders weighed evidence of substantial U.S. supplies against signs of recovery in China’s economy.

The price of oil dropped back to near $84 a barrel on Friday as traders weighed evidence of substantial U.S. supplies against signs of recovery in China’s economy.

Highlights from market news:

– A stronger dollar, which makes crude more expensive and a less attractive investment for traders using other currencies, also weighed on oil prices. On Friday, the euro was down to $1.2693 from $1.2745 late Thursday in New York

– Supplies of crude, meanwhile, are high and more than enough to meet modest growth in demand. U.S. oil production is at 17-year highs

– The improvements in China’s economy are still too modest to make up for weakness in Europe and the U.S.

Click here to read full CNBC article.

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