Oil is Down For a Second Day

Monday, October 12, 2009

Crude oil declined for a second day as tumbling equity markets indicated that economic activity and demand for fuel may weaken further.

Global demand remains slack and oil is unlikely to reach $60 a barrel this year, Qatar’s Oil Minister Abdullah Bin Hamad Al-Attiyah said. Crude also dropped as the dollar strengthened to its highest against the euro in more than a week, limiting the appeal of commodities used to hedge against inflation.

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