Crude Moves Lower: Oil Alert

NEW YORK (TheStreet) -- With the strengthening dollar as the probable root cause, oil futures slipped during electronic trading on the New York Mercantile Exchange Friday morning.

The front-month contract for benchmark crude was trading lower by 38 cents at $71.31 per barrel. The move down came after the contract soared on Thursday, adding $2.12 to settle at $71.69.

Friday also brought news from the International Energy Agency, which increased its 2010 demand forecast to 86.1 million barrels per day from the previous month's 85.7 million barrel daily estimate.

By the closing bell Thursday, most of the major integrated players finished in positive territory. Shares of Exxon Mobil(XOM Quote) added 38 cents to close at $69.05. Shares were flat before Friday's open.

ConocoPhillips(COP Quote) shares gained $1.71 to $51.41, but was retreating in premarket trading Friday.

Chevron(CVX Quote) shares, too, advanced Thursday, adding 94 cents to close at $71.45. After the bell, Chevron gave a third-quarter preview, saying in a press release that it expects $400 million in gains related to asset sales and tax items, while also forecasting a flat showing in downstream operations. Before the opening bell Friday, the company's shares were tracking higher by 0.4%.

-- Written by Sung Moss in New York

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