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Oil lower in Asia as Hurricane Ida worries ease

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Agencies

Posted: Nov 10, 2009 at 1031 hrs IST
Oil

Singapore Oil fell in Asian trade as investor worries over the potential threat posed by Hurricane Ida to petroleum installations in the Gulf of Mexico subsided, analysts said.

A firmer US currency, which makes dollar-priced crude more expensive for holders of foreign units, was also a factor in pushing oil futures lower, they said.

New York's main contract, light sweet crude for December delivery fell 40 cents to USD 79.03 a barrel.

Brent North Sea crude for December delivery was off 37 cents to USD 77.40 a barrel.

"I don't think that (Hurricane) Ida is seen as anything other than a short-term disruption," said David Moore, a Sydney-based commodities strategist with the Commonwealth Bank of Australia in Sydney.

"It's been a very quiet hurricane season," he added, with only two other hurricanes in the June 1 to November 30 Atlantic season.

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