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Oil futures post biggest monthly loss

11/10/2008
By NINA RACH
In a surprise rally in the last few moments of trading Oct. 31 on the New York Mercantile Exchange, the front-month December contract for benchmark US light, sweet crudes surged upward to close at $67.81/bbl, up $1.85 for the day. Just 2 days earlier, NYMEX registered the highest 1-day percentage gain in crude prices since June.Trading for the December contract was volatile Oct. 29 at $63.65-69.24/bbl before it closed at $67.50/bbl, up $4.77 that day, as the Federal Open Market Committee lowered its target for overnight interest rates by a half point to 1%.“Oil’s rise was mainly the result of the US dollar’s biggest 1-day fall in 23 years on news that the Fed cut the fun...
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