KFDA - NewsChannel 10 / Amarillo, TX: newschannel10.comExxon's Tillerson: weak dollar adds $25 to oil
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Associated Press - November 13, 2009 11:45 AM ET
SINGAPORE (AP) - The top Exxon Mobil executive says a weakening U.S$. has added between $20 and $25 to the price of each barrel of crude oil.
Rex Tillerson is chief executive of Irvin, Texas-based Exxon Mobil, the world's biggest oil company. Visiting Singapore, he says the price effects of the weakening U.S$. is creating a "disconnection" between the price and supply and demand levels.
Tillerson says oil demand in the U.S. has remained sluggish despite an economic recovery and a jump in crude prices to $82 last month from $32 in December.
He says the price of oil would probably be around $55 a barrel if the dollar hadn't depreciated against the euro during the last 18 months.
Benchmark crude for December delivery was down $1.31 to $75.63 a barrel in New York morning trading.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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