Oil prices fell for the third day in a row after the dollar rebounded reducing the appeal of the commodities.
Crude oil for November delivery fell 19 cents to settle at $80.05 a barrel at 2:45 p.m. on the New York Mercantile Exchange. It was the lowest close since Sept. 25. Futures touched $83.90 a barrel on Sept. 20, the highest since the contract was introduced in 1983.
Investors sold energy and metals futures on speculation demand for commodities priced in the U.S. currency may fall as the dollar appreciates.
The euro traded at $1.4155 per dollar at 2:30 p.m. in New York after touching $1.4283 yesterday, the strongest since the currency's 1999 inception. It was the eighth day the euro reached a record.
An Energy Department report tomorrow will show that crude- oil stockpiles dropped 550,000 barrels last week, according to the median of 14 responses in a Bloomberg survey. Inventories in the week ended Sept. 21 were 8.5 percent higher than the five-year average for the period, the department said.
OPEC agreed Sept. 11 to produce an extra 500,000 barrels a day starting Nov. 1 to meet winter demand