Oil prices fall below US$87 on widespread decline in regional stocks amid a strong dollar

A wide spread decline in regional stocks amid a strong dollar has been followed by a fall in oil prices. Light sweet crude for December delivery was traded at US$86.5 a barrel at noon Singapore time while Brent crude was at US$87.8 in London. The decline has been attributed to speculation that Group of 20 leaders will fail to resolve trade and currency imbalances as recent concerns of Irish debt saw investors clamber to the safety of the dollar. A rising dollar tends to reduce the appeal of raw materials, which are priced in the currency.
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