Oil prices hover below $79 after three day slide

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Posted: Oct 27, 2009 9:39 AM by John Pastorek
Updated: Oct 27, 2009 10:23 AM
Source: Associated Press

  Rating: 5.0 (1 vote)

Topics: Oil prices, crude, U.S. dollar, inflation, investors, stimulus spending

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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