Crude declines on dollar strength
Crude Oil fell more than $1 a barrel Friday as a strengthening dollar curbed the appeal of commodities as a hedge against inflation.
Oil has tumbled 23 percent from the record $147.27 a barrel reached on July 11. The U.S. Dollar Index in New York, which tracks the currency against six others, rose to its highest since January on speculation U.S. consumer spending will keep the world's biggest economy out of a recession.
Crude oil for September delivery fell $1.24 to settle at $113.77 a barrel on the New York Mercantile Exchange. Intraday oil touched $111.34 a barrel, the lowest since May 1.
Oil has tumbled 23 percent from the record $147.27 a barrel reached on July 11. The U.S. Dollar Index in New York, which tracks the currency against six others, rose to its highest since January on speculation U.S. consumer spending will keep the world's biggest economy out of a recession.
Crude oil for September delivery fell $1.24 to settle at $113.77 a barrel on the New York Mercantile Exchange. Intraday oil touched $111.34 a barrel, the lowest since May 1.