Commodity index investors, blamed for record oil prices, sold $39 billion worth of oil futures between their July record and Sept. 2, causing crude to plunge, according to a report to be released today. [Read more]

Crude oil fell in New York as Saudi Arabia’s oil minister said supplies are sufficient to meet demand, signaling that OPEC may maintain production levels when it meets today.

Crude oil for October delivery fell as much as $2.11, or 2 percent, to $104.23 a barrel and traded at $104.79 at 12:49 p.m. London time on the New York Mercantile Exchange. Oil has dropped 29 percent from the record $147.27 reached on July 11.

Oil also declined as Hurricane Ike weakened to Category 1 on the 5-step Saffir-Simpson scale of intensity as it passed over Cuba, easing concerns it will damage Gulf of Mexico oil facilities. Sustained winds dropped to 80 miles (130 kilometers) per hour, the U.S.

The contract climbed as much as 3.5 percent yesterday as Ike delayed the restoration of Gulf of Mexico output that was closed because of Hurricane Gustav last week. Ike was moving across Cuba’s western tip and was forecast to strengthen as it turns west into the Gulf of Mexico. The centre’s 5-day forecast shows the storm making landfall near Corpus Christi, Texas, early on Sept. 13.

Crude oil was little changed as the dollar rose against the euro for an eighth day and Hurricane Ike moved toward the Gulf of Mexico.

The U.S. currency strengthened to the highest since October 2007 as the government’s takeover of Fannie Mae and Freddie Mac encouraged investors to move funds into the stock market. A rising dollar curbs the appeal of commodities as an inflation hedge. Oil rose as high as $109.89 a barrel earlier on forecasts that Hurricane Ike will enter the Gulf and threaten oil rigs. [Read more]

Oil rose from a five-month low as Hurricane Ike swept across Cuba, delaying the resumption of crude production in the Gulf of Mexico.

Crude oil for October delivery rose as much as $2.89, or 2.7 percent, to $109.12 a barrel in electronic trading on the New York Mercantile Exchange.

[Read more]

Crude-oil futures on Friday closed below $107 a barrel, with crude closing at $10.23 a barrel on the New York Mercantile Exchange. With the stock market watching the price of crude more carefully in recent months, Tuesday’s OPEC meeting should be a focus on coming days, with many market participants expecting the cartel to curb production. [Read more]

Crude oil fell to a five-month low as the dollar climbed and U.S. unemployment rose more than expected, signaling a slowdown in demand. [Read more]