Crude up on weak dollar, threat of storm Ida

Posted by admin on Nov 9th, 2009 and filed under Business. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.

nation-biz_ida_oil_dollarNEW YORK, Nov 9 (Reuters) – U.S. crude oil futures rose sharply on Monday on the weak dollar and Tropical Storm Ida’s halt of some oil and natural gas operations on the Gulf Coast.

“The dollar is making a big move lower this mornig,n and of course there is concern about Ida and some nervousness over the first storm of the season in the Gulf,” said Tom Bentz, analyst at BNP Paribas Commodity Futures Inc in New York.

Tropical Storm Ida weakened further as it headed toward Gulf of Mexico oil and gas facilities and was forecast to make landfall overnight on the U.S. Gulf Coast, the U.S. National Hurricane Center said on Monday. Ida was expected to hit somewhere between Louisiana and Florida.

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