Crude Oil Falls as Stronger Dollar Curbs Appeal of Commodities - Bloomberg

Dec. 21 (Bloomberg) -- Crude oil declined as the dollarclimbed against the euro, reducing demand for commodities as analternative investment.

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Oil fell as much as 0.8 percent after the U.S. currencyrebounded. Futures rose earlier as Nigeria’s main militant groupclaimed its first assault on oil infrastructure in the countryin five months, and Iraq shut its northern export pipeline toTurkey after an explosion. OPEC, meeting in Angola tomorrow,said it expects to hold production targets. “The market is looking to the dollar and the stock marketfor direction,” said Carl Larry , president of Oil Outlooks &Opinions LLC in Houston. “Oil is moving on what’s happening inthe financial markets, not because of anything to do with thefundamentals.” Crude oil for January delivery slipped 63 cents, or 0.9percent, to $72.73 a barrel at the 2:30 p.m. close of floortrading on the New York Mercantile Exchange. Futures climbed asmuch as 96 cents, or 1.3 percent, to $74.32, earlier today.Prices are up 63 percent this year.

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