You choose, we deliver
If you are interested in this story, you might be interested in others from The Journal Gazette. Go to www.journalgazette.net/newsletter and pick the subjects you care most about. We'll deliver your customized daily news report at 3 a.m. Fort Wayne time, right to your email.

Business

  • Oil prices slide, despite Mideast chaos
    The price of oil fell for the ninth consecutive day Wednesday as global supplies continue to flow despite unrest in the world’s most important oil-producing region.The prolonged drop could lead to lower gasoline prices for U.S.
  • Summer box office suffers
    Hollywood’s summer at the box office isn’t just missing nearly 20 percent of last summer’s revenue. It’s lacking swagger.
  • Biomet’s earnings rebound
    Biomet Inc. on Wednesday reported preliminary fourth-quarter and full-year earnings for fiscal 2014, reflecting the Warsaw orthopedics company’s most profitable performance in years.Biomet reported annual earnings of $36.
Advertisement

Oil falls below $95 as dollar strengthens

BANGKOK (AP) — Oil prices fell Monday as the dollar strengthened against the yen and other major currencies.

Benchmark oil for June delivery was down $1.11 to $94.93 per barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell 35 cents to close at $96.04 a barrel on the Nymex on Friday.

The stronger dollar is causing oil prices to fall, analysts said. The dollar has risen in recent days against the euro and last week passed the 100-yen mark for the first time in four years.

Since oil is traded in dollars, a stronger dollar makes crude and other commodities less appealing to investors with other currencies.

"This, like the stock market, ends up pulling a lot of money out of commodities and into more reliable risk," said Carl Larry of Oil Outlooks and Opinions in a market commentary.

Brent crude, which is a benchmark for many international oil varieties, fell $1.21 to $102.70 a barrel on the ICE Futures exchange in London.

In other energy futures trading on Nymex:

— Wholesale gasoline fell 3 cents to $2.83 a gallon.

— Heating oil lost 2.6 cents to $2.88 a gallon.

— Natural gas fell 1.6 cents to $3.894 per 1,000 cubic feet.

Advertisement