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Oil Prices Surge and Dollar Falls
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| Parent(s) |
Issue
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| Contributor | RP |
| Last Edited | RP Sep 13, 2007 06:07pm |
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| Category | General |
| Media | Newspaper - New York Times |
| News Date | Thursday, September 13, 2007 12:00:00 AM UTC0:0 |
| Description | The dollar fell to an all-time low against the euro today and oil prices surged to a record, suggesting that a weaker American economy will be accompanied by higher prices for energy and other imported goods.
As of early this afternoon, one euro was trading at $1.391, up from $1.384 on Tuesday evening; the euro is up 5.4 percent against the dollar so far this year and about 1 percent so far this week. Crude oil prices were up 2.2 percent, to $79.91 a barrel, after briefly trading above $80, a day after OPEC said its members would increase production by a modest amount.
The Federal Reserve is widely expected to cut its benchmark lending rate when its policy-making committee meets on Tuesday, after a report released last week suggested that the troubled housing market was hurting the broader economy more severely than had been previously thought. |
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