New York-New York Mercantile Exchange December crude futures jumped $2/barrel November 9 to settle at $79.43/b, as the US dollar was smashed following a Group of 20 meeting over the weekend and nearly 30% of Gulf of Mexico crude oil production was shut ahead of Tropical Storm Ida.The lack of any statement from the G-20 meeting regarding the dollar was interpreted by traders as a sell signal. The International Monetary Fund, in a report on the G-20 released November 7, said the dollar "remains on the strong side," another reason for the steep sell-off that started in Asia.
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