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Crude Prices Fall Again

TSC Staff

A rare rally in the U.S. dollar contributed to the second straight decline for oil prices in New York floor trading.

Light, sweet crude dropped $1.04 to $87.56 a barrel Monday, making back-to-back decreases after it touched an all-time high of $90.07 late last week. The November contract traded as the near month for the last time.

Elsewhere among energy futures, reformulated gasoline was down about 3.5 cents at $2.13 a gallon. Heating oil fell 2 cents to $2.31 a gallon, and natural gas lost 15 cents to $6.89 per million British thermal units.

As for stocks, Halliburton (HAL) rose 1.2% to $39.33 following its quarterly earnings report, and Schlumberger (SLB) tumbled again after Friday's selloff, this time giving back 4% to $95.34.

Chevron (CVX) and Exxon Mobil (XOM) both lost around 1%. The Dow Jones U.S. Oil & Gas Index surrendered 1.3%.