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| Analysis | Crude oil dropped on Tuesday for the third day to the lowest level in a year as concerns over the escalating European debt crisis, which is affecting global growth, increased speculations that demand on crude will decline. Oil for November delivery is currently trading around $77.89 a barrel after recording a high of $78.76 and a low of $76.83. The jittery sentiment affected by the European debt crisis is still predominant and directing investor's behavior, European Finance Chief said the private sector will have a role in Greece's second bailout which increased worries that European banks will face deepening crisis. Still, there are concerns that Greece may face a default on its debt obligations as the next installment will probably be postponed till mid-November while the euro area finance minister's coming meeting on October 13 was cancelled. In the FOREX market, the dollar continued its rise as the bearishness in markets enhanced demand on the greenback as a refuge which weighed on dollar-denominated commodities. The dollar index, which tracks the dollar movements versus a basket of major currencies, is currently moving near the day's opening level at 78.90 after touching a high 79.14 of and a low of 78.78. On the supply side, Libya is looking forward to increasing production to more than 500,000 barrels a day by the end of the current month, according to the chairman of state-run National Oil Corp. The EIA report due tomorrow is expected to show that U.S. crude inventories rose 1.9 million barrels last week.
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