Stocks opened lower Friday as crude oil crossed $90 per barrel overnight, heightening concerns that rising energy costs will hurt both businesses and consumers.
Investors are being drawn to energy futures in part as a hedge against the weakening U.S. dollar. The greenback fell to a new low against the euro Thursday and also sagged against the yen.
On Friday, oil also moved higher on continued worries over tensions between Turkey and Kurdish rebels in northern Iraq. A barrel of light, sweet crude passed $90 per barrel in European trading before retreating, and was last up 33 cents at $89.80 on the New York Mercantile Exchange. Read more
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Investors are being drawn to energy futures in part as a hedge against the weakening U.S. dollar. The greenback fell to a new low against the euro Thursday and also sagged against the yen.
On Friday, oil also moved higher on continued worries over tensions between Turkey and Kurdish rebels in northern Iraq. A barrel of light, sweet crude passed $90 per barrel in European trading before retreating, and was last up 33 cents at $89.80 on the New York Mercantile Exchange. Read more
More...