By V. Phani Kumar, MarketWatch
HONG KONG (MarketWatch) ? Crude-oil prices stayed weak in electronic trading Thursday because of a firm dollar and a decline in U.S. equity futures, with monetary policy meetings at the European Central Bank and the Bank of England on tap.
Light, sweet crude-oil futures for delivery in August /quotes/zigman/2203150 CLQ2 -0.78% dropped 75 cents, or 0.9%, to $86.91 a barrel on Globex.
The front-month contract had jumped $3.91, or 4.7%, in a regular session on the New York Mercantile Exchange Tuesday, aided by geopolitical concerns over the Middle-East and hopes for monetary policy stimulus with the European Central Bank and the Bank of England due to meet Thursday.
U.S. markets were closed Wednesday for the Independence Day holiday.
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The drop in Asian hours on Thursday came as the ICE dollar index /quotes/zigman/1652083 DXY -0.09% , which measures the greenback?s performance against a basket of six major global currencies, rose to 82.153 from 82.132 in North American trade late on Wednesday.
A stronger dollar tends to pressure commodity prices benchmarked in the currency.
A decline in U.S. equity futures, reflective of a likely lower opening on Wall Street and indicative of weak investor sentiment, also pressured crude-oil prices.
Dow Jones Industrial Average /quotes/zigman/627449 DJIA +0.56% ?futures were down 28 points, or 0.2%, to 12,839, while Standard & Poor?s 500 Index /quotes/zigman/3870025 SPX +0.62% ?futures gave up 0.3% to 1,364.60.
Among other energy products, August futures for gasoline /quotes/zigman/2281496 RBQ2 -0.72% and heating-oil /quotes/zigman/2281370 HOQ2 -0.81% ?were at 2.70 per gallon and $2.73 per gallon, dropping 0.8% and 0.9%, respectively.
Natural-gas futures for delivery in the same month /quotes/zigman/2199360 NGQ12 +0.90% ?rose 1.6% to $2.95 per million British thermal units, respectively.
/quotes/zigman/2203150US : U.S.: Nymex
Volume: 39,941
July 5, 2012 3:10a
/quotes/zigman/1652083US : U.S.: ICE Futures U.S.
Volume: 0.00
July 5, 2012 3:10a
/quotes/zigman/627449US : DJ-Index
Volume: 63.85M
July 3, 2012 1:28p
/quotes/zigman/3870025US : S&P Base CME
Volume: 333.81M
July 3, 2012 1:57p
/quotes/zigman/2281496US : U.S.: Nymex
Volume: 3,084
July 5, 2012 3:07a
/quotes/zigman/2281370US : U.S.: Nymex
Volume: 2,928
July 5, 2012 3:07a
/quotes/zigman/2199360US : U.S.: Nymex
Volume: 9,807
July 5, 2012 3:09a
Varahabhotla Phani Kumar is a reporter in MarketWatch's Hong Kong bureau.
Words used in this article:Source: http://www.marketwatch.com/news/story.asp?guid=%7BFE8680AA-C664-11E1-B856-002128049AD6%7D&siteid=rss
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