Crude Oil Falls Below $73 on a Strong Dollar
Crude oil traded lower Monday, a reflection of a strong dollar and news of pipeline snags in Iraq and Nigeri
The EIA expects crude oil to land around $75 a barrel early next year.
Crude oil traded lower Monday, a reflection of a strong dollar and news of pipeline snags in Iraq and Nigeria
, as reported by Reuters. Oil prices were down 89 cents Monday, landing at $72.47 a barrel on the New York Mercantile Exchange.
Last week, oil reached a two-month low of $69.51 a barrel due to high oil supplies and weak demand, according to the Associated Press.
The drop in oil prices is also accompanied by OPEC's recent announcement that it will not change output quotas.
In the December edition of its monthly Short-Term Energy Outlook, the DOE's Energy Information Administration said crude oil should dip to $75 a barrel early next year then rise to $82 a barrel by December 2010, as U.S. and world economic conditions improve.
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