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Dollar value, crude prices fluctuate

04/07/2008
By NINA RACH
The May benchmark US crude contract jumped above $107/bbl Mar. 27 in the New York market following the bombing of a primary export oil pipeline in southern Iraq. It fell nearly $2/bbl Mar. 28 when Iraqi officials said shipments through that system were back to normal. However, the price rebounded above $106/bbl in early trading Mar. 31 as the US dollar slipped to a low of $1.5895 against the euro. Long-term weakness of the dollar encouraged investors to hedge against the tumbling currency by buying crude and gold futures.The attack was the first since 2004 on one of two main pipelines to Iraq’s primary oil export terminal. Consequently, Paul Horsnell, Barclays Capital Inc., London, ...
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