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Oil prices hover below $79 after three day slide

5 years ago October 27, 2009 Oct 27, 2009 Tuesday, October 27 2009 Tuesday, October 27, 2009 8:39:58 AM CDT in News
Source: Associated Press
By: John Pastorek

Oil prices lingered below $79 a barrel today in Asia, after three days of losses, as investors eyed a volatile U.S. dollar.

Crude jumped to a 12 month high at $82 a barrel last week as the dollar weakened amid concerns that massive global stimulus spending will eventually spark inflation.

Some economists expect the dollar and oil to stabilize over the next three to six months as inflation fears ease.

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