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Oil trades near $79 as US dollar strengthens

By Associated Press
Friday, October 30, 2009 - Added 22d 16h ago
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Oil prices traded down at just over $79 a barrel Friday as the strengthening U.S. dollar outweighed news that the U.S. economy had snapped four straight quarters of contraction, suggesting demand for crude will improve.

By midday in Europe, benchmark crude for December delivery was down 69 cents to $79.18 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose $2.41 to settle at $79.87 on Thursday.

 
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