Wed, Nov 25 2009
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Oil plunges below $64 on fears recovery may lag PABLO GORONDIAssociated Press Writer "With economic news still gloomy, oil demand sluggish, stocks plentiful and no supply side disruption in sight, we could be on the verge of a short term downward price correction," said KBC Market Services in London. The dollar's rise against other major currencies also weighed on oil prices, as investors who seek out commodities as a hedge against dollar weakness and inflation returned to the U.S. currency. The euro was trading at $1.3915, down from $1.4001 late Friday in London, while the British pound fell to US$1.6164 from $1.6341. Lending some support to prices was another attack on oil operations in Nigeria. Militants said on Sunday they attacked a Royal Dutch Shell oil facility in southern Nigeria, the latest sabotage in a campaign that has undermined output from Africa's largest producer. In other Nymex trading, gasoline for August delivery fell 5.14 cents to $1.7394 a gallon and heating oil slid 6.21 cents to $1.6395. Natural gas for August delivery plummeted 19.5 cents to $3.420 per 1,000 cubic feet. In London, Brent prices dropped $1.51 to $64.10 a barrel on the ICE Futures exchange. ___ 
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