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Oil Near One-Week High as Dollar Gives Up Gains Against Euro

Oil traded near a one-week high in New York after the dollar gave up gains against the euro, bolstering the appeal of raw materials to investors.

Futures earlier dropped as much as 0.6 percent before an Energy Department report tomorrow that may show crude inventories rose 1.5 million barrels last week, according to a Bloomberg News analyst survey. Gasoline supplies probably climbed by 625,000 barrels, the analysts’ estimates show.

“The markets are being dominated by moves in currencies,” said David Taylor, a market analyst at CMC Markets Ltd. in Sydney. “We’re seeing broad shifts in money and risk appetite,” he said.

The December contract was at $82.47 a barrel, down 5 cents, in electronic trading on the New York Mercantile Exchange at 12:23 p.m. in Sydney, after falling as much as 47 cents to $82.05. Yesterday, it advanced 83 cents to $82.52, the highest close since Oct. 18. Prices are up 3.9 percent this year.

Tropical Depression Richard, moving northwest over Mexico’s Yucatan Peninsula, will disintegrate in the next day or two and probably won’t regain strength in the Gulf of Mexico, according to forecasters.

The system was about 55 miles (89 kilometers) southeast of Ciudad del Carmen at about 4:30 p.m. East Coast time, the National Hurricane Center said. It had maximum sustained winds of 35 mph and was moving at 9 mph toward the Bay of Campeche.

G-20 Pledge

The dollar traded little changed at $1.3959 after gaining as much as 0.4 percent. G-20 officials, who ended talks in South Korea on Oct. 23, vowed to avoid weakening currencies to lift exports. They pledged to refrain from “competitive devaluation” and to let markets set foreign-exchange values. Members will meet again in Seoul on Nov. 11 and Nov. 12.

Workers at three French oil refineries voted to return to work as a contested pension bill neared parliamentary approval and the government warned that fuel shortages were hurting the economy. The nation’s eight remaining active plants are either on strike or shut because of a lack of crude.

U.S. supplies of distillate fuel probably decreased for a fifth week as distributers took deliveries before winter and exports to Europe increased, the Bloomberg News survey shows.

Brent crude for December settlement traded at $83.52 a barrel, down 2 cents, on the ICE Futures Europe exchange in London. Yesterday it rose 58 cents, or 0.7 percent, to $83.54.

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