Oil, mineral, exploration
Oil prices bounce after earlier falls
Tuesday, 3 November 2009 17:55Oil prices rose this evening after falling earlier in the day as European stock markets slid and the dollar strengthened. US crude rose 64 cents to $78.77 a barrel, while Brent North Sea crude climbed 74 cents to $77.29.
Traders blamed a strengthening dollar, which makes dollar-priced crude more expensive for buyers holding foreign currencies, for dampening oil demand.
Oil had risen sharply on Monday, buoyed by a weaker dollar and positive US and Chinese economic data that boosted hopes of stronger demand in the two biggest energy-consuming nations.
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The US is the world's biggest energy user and a recovery in its economy is seen as key to oil demand, which has been hit by the global financial crisis.
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