Oil Futures Slip In Electronic Trading

Crude oil futures slipped in electronic trading on Monday, matching falls across the wider commodity complex, as a stronger dollar deterred buyers.

Crude for November delivery  dropped 15 cents, or 0.2%, to $92.74 a barrel on the New York Mercantile Exchange during Asian trading hours.

Crude fell 6.5% last week, its worst week since June.

Contract expirations, speculation of a strategic petroleum reserve (SPR) release, comments from Saudi Arabian oil officials and rising inventories were among the factors contributing to the heavy weekly loss.

Strategists at Deutsche Bank said that, while geopolitical risk will sustain price-spike risk across the energy complex, “high gasoline prices and the U.S. Presidential election will keep speculation of an SPR release alive heading into the fourth quarter of the year.”

A stronger dollar worked to pressure crude on Monday, as the dollar index , which measures the U.S. unit against a basket of six major rivals, rose to 79.429, from 79.278 in North American trade late Friday.

In the wider energy complex on Monday, gasoline for October delivery  was steady at $2.94 a gallon. Heating oil for delivery in the same month  was also little changed at $3.12 a gallon.

Natural gas for October delivery  rose 1 cent, or 0.4%, to stand at $2.90 per million British thermal units.

The contracts expire this week.

Marketwatch