Posted on 10/30/2009 8:39:32 AM PDT by blam
Oil Futures Give Back Some Of Previous Day's Surge
Crude still set to gain more than 11% for October as dollar slumps.
Oct. 30, 2009, 11:15 a.m. EDT
Polya Lesova, MarketWatch
NEW YORK (MarketWatch) -- Crude-oil futures dipped on Friday after a 3.1% surge in the previous session on news the U.S. economy returned to growth, as a mixed batch of economic reports led traders to reassess the outlook for energy demand.
Crude oil for December delivery was recently down 80 cents, or 1%, at $79.07 a barrel on the New York Mercantile Exchange.
Still, oil has gained more than 11% so far in October, helped by a weakening dollar and hopes of a resurgence in global economic activity.
News that U.S. consumer spending fell sharply in September added to pressure in early trade. Meanwhile, two measures of inflation, the Employment Cost Index and personal consumption expenditure, both came in as expected.
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