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- Oil fell for the first time in five days
Oil fell for the first time in five days
Oil fell as equities declined on weaker earnings reports and the dollar strengthened against the euro.
Prices declined as much as 1.4 percent and the Standard & Poor’s 500 Index (SPX) dropped for a second day after Microsoft Corp. and General Electric Co. posted sales that missed estimates. The euro weakened and the dollar gained on concern that the European debt crisis is worsening. Oil rose earlier as TransCanada Corp. shut the Keystone pipeline, disrupting crude flows to the U.S.
The S&P 500 fell as much as 1.2 percent. The euro retreated 0.4 percent after Spanish Prime Minister Mariano Rajoy said his nation doesn’t feel that it’s under any pressure to ask for a bailout, fueling concern the debt crisis will be prolonged.
A weaker euro and stronger dollar reduce oil’s appeal as an investment alternative.
Crude for November delivery dropped to $89.93 a barrel on the New York Mercantile Exchange. Earlier, prices touched $93.05, the highest level since Oct. 10. Futures have slipped 1 percent this week and are down 8 percent this year.
Brent for December settlement decreased $1.28, or 1.1 percent, to $111.14 a barrel on the London-based ICE Futures Europe exchange.
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