Afternoon Price Check, March 9: Supply Concerns, Strong Dollar Weigh Down Oil Prices
Crude oil prices over the course of today, March 9. (image: ft.com)
Crude and heating oil prices fell today, though each gained back some ground from earlier losses. A strong dollar drove down demand for oil futures, because those commodities became more expensive for traders holding other currencies. Traders expect this week’s inventory reports to show an increase in supplies of crude, and the price of crude and refined products sank as a result. The API’s inventory data will be released later this afternoon, while the EIA’s figures will be issued Wednesday morning at 10:30 am. Inventory numbers are likely to dominate oil markets tomorrow.
Today’s closing prices on NYMEX
Crude oil (April 2010 contract): Down 0.5 percent, $81.48 per barrel.
Heating oil (April 2010 contract): Down 0.8 percent.
