Crude Oil Faces Correction After Rallying for Eight Days

Crude oil future faced correction on Monday in reaction results of g-20 meeting and higher oil prices threatening to slow the global economic recovery. Crude oil futures contract for April delivery fell 1.1 percent or $1.21 to settle at $108.56 per barrel on the New York Mercantile Exchange.

Investors were uncertain after the G-20 members rejected the option of funding boost for International Monetary Fund. The G-20 also responded to the promise of Saudi Arabia who committed to produce oil at its full capacity.

The stronger US dollar also exerted pressure on commodities as the dollar index DXY which tracks the US dollar movement versus major counterparts gained to 78.563 on Monday as compared to 78.341 on Friday’s North American trading session.

Among other commodities, gasoline futures contract for March delivery fell 0.8 percent or $0.02 to settle at $3.13 per gallon while heating oil futures for same month declined 0.9 percent or $0.03 to $3.29 per gallon.

Natural gas futures contract for March delivery fell 4.1 percent or $0.10 to $2.45 per million British thermal units.

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