Oil Falls Third Day as Dollar Gain Limits Appeal of Commodities
By Christian Schmollinger
April 25 (Bloomberg) -- Crude oil fell for a third day as the dollar's gains against the euro curbed investor appetite for commodities as an inflation hedge.
Oil is set for its first weekly decline since March 21. The dollar climbed on expectations the Federal Reserve may stop cutting interest rates. Gold, wheat, silver and corn prices also dropped.
``The stronger dollar means that we see people taking profit here,'' said Anthony Nunan, an assistant general manager for risk management at Mitsubishi Corp. in Tokyo. ``People seem to think that the steep drop in interest rates is over. If everybody starts rushing for the exits you could easily see a $10 drop in oil prices.''