The U.S. dollar rose against most major currencies on Tuesday as oil prices fell to its lowest level in five months.
Investors have worried that Hurricane Gustav could seriously disrupt U.S. oil production in the Gulf of Mexico and send oil prices higher but the hurricane weakened without serious damage to energy infrastructure.
Oil prices fell sharply on Tuesday as oil facilities and coastal refineries could resume production soon. Light, sweet crude for October delivery fell 5.75 dollars to settle at 109.71 dollars a barrel on the New York Mercantile Exchange. It touched a session low of 105.46 dollars, the lowest trading level since April 4.
The British economy is likely to fall into recession this year, according to the Organization for Economic Cooperation and Development (OECD). The report helped the dollar to rise against the pound.
The euro bought 1.4518 dollars in late New York trading compared with 1.4671 dollars it bought late Friday. The British pound fell to 1.7825 dollars from 1.8218 dollars.
The dollar rose to 1.1061 Swiss francs from 1.1016 Swiss francs, and fell to 108.67 Japanese yen from 108.81 Japanese yen. It rose to 1.0685 Canadian dollars from 1.0630 Canadian dollars.
Source: Xinhua
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