Oil wavers as dollar rises

NEW YORK (AP) ? Oil prices hovered around $89 a barrel Thursday on a stronger dollar and reports of slowing industrial production in Europe.

Benchmark oil for October delivery rose 4 cents to $88.85 per barrel in late morning trading on the New York Mercantile Exchange. It traded as high as $89.38 earlier in the day.

In London, Brent crude lost 15 cents at $114.70 a barrel on the ICE Futures exchange.

The dollar is rising after reports on jobs and retail sales suggested that the U.S. economy is still growing.

Crude has risen 17 percent from Aug. 9 amid a growing consensus that the U.S. economy will see weak growth, but not contract, in the second half. Oil traders often look to equities as a barometer of overall investor sentiment, and the Dow Jones industrial average has risen four consecutive days.

Associated Press

Source: http://hosted2.ap.org/apdefault/f70471f764144b2fab526d39972d37b3/Article_2011-09-01-Oil%20Prices/id-17eab2ec97d8495ab6dc04f724fae246

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