OIL FUTURES: Stronger Dollar Halts Crude's GainsBy Dan StrumpfOf DOW JONES NEWSWIRESNEW YORK (Dow Jones)--Oil futures settled higher Tuesday, but a stronger dollar kept a lid on prices despite some upbeat economic data.Light, sweet crude for December delivery settled up 3 cents at $82.55 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange recently traded down 1 cent at $83.53 a barrel.Several economic reports released Tuesday hinted at a strengthening U.S. economy, which would raise future crude demand. The Conference Board reported October consumer confidence rose to 50.2 this month, from last month's revised 48.6, edging past the average estimate from economists surveyed by Dow Jones Newswires.Meanwhile, a report from Redbook Research said national chain-store sales rose 0.3% in the first three weeks of October from September, though the figure was slightly lower than the expected gain of 0.4%. The S&P Case-Shiller home price index indicated yearly gains in home prices slowed in 17 of the top 20 markets.Early oil price gains were quickly withdrawn as the dollar rebounded from lows hit against other major currencies. The prospect of monetary stimulus from the U.S. Federal Reserve had caused the dollar to hit a 15-year low against the yen Monday, making oil priced in the greenback cheaper to buy using other currencies. But the possibility that the Fed's actions won't live up to market expectations, or that other central banks will weaken their currencies, sparked a rebound in the dollar. The ICE Dollar Index, which tracks the dollar against a basket of currencies, was at 77.724 when crude futures settled, up from 77.038 earlier.Traders are looking ahead to data due Wednesday on U.S. oil inventories. Analysts expect the U.S. Department of Energy data to show a 700,000-barrel rise in crude stockpiles for the week ended Oct. 22, according to a survey by Dow Jones Newswires. Gasoline inventories are expected to fall 200,000 barrels. Stocks of distillates, including heating oil and diesel, are projected to fall by 1 million barrels.Last week's report showed a 2 million-barrel drop in commercial crude and fuel stocks."Everybody's waiting on the numbers tomorrow," said Mark Waggoner of Excel Futures.Labor unrest in France continued Tuesday, disrupting supplies for European refineries. Petroplus Holdings AG said it is shutting down its 68,000-barrel-a-day Cressier refinery in Switzerland due to a strike at the Fos-Lavera oil port in France. That strike entered its 30th day Tuesday.Workers at eight out of 12 French refineries are also on strike.Front-month November reformulated gasoline blendstock, or RBOB, rose 1.67 cents to $2.0940 a gallon. November heating oil gave up 0.5 cents to $2.25 a gallon.More information on settlements and highs and lows for futures on Nymex and ICE platforms can be found by searching for the following headlines:Nymex Light Crude Oil CloseNymex Harbor RBOB Gasoline CloseNymex Heating Oil CloseICE Brent Crude Oil CloseICE Gas Oil Close-By Dan Strumpf, Dow Jones Newswires; 212-416-2818; dan.strumpf@dowjones.comClick here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=xbCQg2y5gV%2BAkEffIDJEqQ%3D%3D. You can use this link on the day this article is published and the following day.(END) Dow Jones NewswiresOctober 26, 2010 15:09 ET (19:09 GMT)
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