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Tuesday, November 30, 2004

Dollar Down, Oil Up

NEW YORK (CBS.MW) -- The dollar hit a record low vs. the euro after data showed that consumer confidence dropped unexpectedly in November. The dollar was down 0.3 percent at $1.3309 but hit $1.3335 in intraday trading. The buck was off 0.3 percent against the yen at 102.58, lost 0.6 percent vs. the Swiss franc to 1.1351 and slid 0.9 percent against the British pound to $1.9106.
SAN FRANCISCO (CBS.MW) -- Crude futures climbed above $50 a barrel in New York to trade at their highest level since Nov. 4. OPEC has indicated that it will "either lower production quotas or vow to roll back production to current quotas," said Phil Flynn, a senior analyst at Alaron Trading. "It appears the falling dollar has OPEC wanting the price of oil to go higher as compensation," he said. OPEC is set to meet on Dec. 10 in Cairo. January crude is up 59 cents at $50.35 after trading as high as $50.40 earlier.