NYMEX crude falls 3.90 on demand concerns

摘要

New York-NYMEX December crude futures settled 3.90 lower at 63.91/barrel November 3 as the US dollar firmed and demand growth remained at the forefront of oil market concerns,ICE December Brent futures settled 4.84/b lower at 60.48/b.The US Dollar Index on ICE was up 66.9 points at the time of NYMEX close,just 23 points off the intra-session high of 86.526.The dollar's strength was derived from expectations for the Bank of England and European Central Bank to each cut interest rates by at least 50 basis points at their respective meetings November 6.Interest rate convergence will make the dollar more attractive for investors.