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      Crude prices tumble on stronger dollar

      2014-11-04 08:35 Xinhua Web Editor: Qin Dexing
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      Crude prices retreated Monday as the U.S. dollar appreciated against other major peers, reducing the appeal of the dollar-priced crude in the eyes of investors holding other currencies.

      Dollar rose versus other major currencies Monday amid market speculation that the Federal Reserve is moving closer to its first interest rates hike while central banks in Europe and Japan are track for more monetary stimulus.

      The eurozone manufacturing sector remained in a state of near- stagnation in October, with the final seasonally adjusted Manufacturing Purchasing Managers Index (PMI) up slightly to 50.6 in October from September's 14-month low of 50.3, only marginally above the neutral 50.0 mark that divides expansion from contraction, said financial data firm Markit Monday.

      Crude prices were also weighed on the news that Saudi Arabia reduced the cost of its oil exported to the United States in the face of increasing North American output.

      Saudi Arabian Oil Co., the state-owned producer, cut prices for oil exported to the United States, the company said in a statement Monday. Traders regarded the move as a battle for more market share.

      Meanwhile, U.S. manufacturing sector activity grew at a slower pace in October, with the seasonally adjusted final Markit PMI index slipping to 55.9 from 57.5 in September, the slowest overall improvement in business conditions for three months.

      Light, sweet crude for December delivery moved down 1.76 U.S. dollars to settle at 78.78 dollars a barrel on the New York Mercantile Exchange, while Brent crude for December delivery lost 1.08 dollars to close at 84.78 dollars a barrel.

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