Futures Market News
French port strike pushes crude oil over $82
Oct 08, 2010 11:09 AM
French union workers have shut the oil terminals at Fos-Lavera, the world's third-largest oil port. That strike is leading to shutdowns at major refineries in southern France, and the situation is pushing up the price of both crude oil and petroleum derivatives.
The strike is entering its 12th day; it's tied to negotiations about French harbor reform.
On the IntercontinentalExchange, the benchmark West Texas intermediate light, sweet crude oil futures contracts for November delivery rose 1.293 percent to $82.74 per barrel.
The Brent crude oil contract, which is the more common benchmark for international markets, gained 0.832 percent to $84.13 per barrel.
Just as oil breached $82 per barrel, the dollar fell below 82 yen for the first time in 15 years, with investors registering their concern about the U.S. economy in the wake of disappointing jobs figures.
The dollar's decline against the yen appears even more dramatic against the backdrop of the global currency conflict: Currently, the Bank of Japan is trying to devalue the yen.
Clearly, that isn't working.
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