Oil prices decline for third consecutive day to less than US$80

Market players await this week's company earnings and US economic data for evidence that justifies last week's oil prices hike to all year highs. Doubts abound about the strength of the global economic recovery. Also, as the dollar regains strength, oil prices have declined for third consecutive day. Benchmark crude for December delivery on the Nymex fell to US$79.7, and to US$78.2 on the ICE Futures exchange. Q3-09 results are expected from corporate heavyweights like Kellogg Co., Procter & Gamble Co., Visa Inc., ConocoPhillips, Exxon Mobil Corp., Aetna Inc. MetLife Inc., etc.