NYMEX-Crude down on strong dollar, weak equities Fri Nov 20, 2009 12:19pm EST

Dollar strengthens as risk appetite fades

* Wall Street dips, investors assess economic prospects

* Mild weather, profit-taking hit energy futures

NEW YORK, Nov 20 (Reuters) - U.S. crude oil futures pared
some losses at midday Friday, but the mood remained bearish on
a resurgent dollar and as equities were pressured by economic
recovery worries.

"Oil is clearly still tied to broader financial markets and
seeing losses due to a stronger dollar and a drop in stock
prices. To rally, we'd need to see more significant signals of
economic activity perking up," said Gene McGillian, analyst at
Tradition Energy in Stamford, Connecticut.

Underpinning the day's weakened energy futures prices were
persistent demand concerns amid high inventories.

Reflecting currently poor demand for refined products,
Valero Energy Corp (VLO.N), the largest independent U.S.
refiner, said that it will permanently shut down its 210,000
barrel-per-day Delaware City, Delaware, refinery because of the
weak economic conditions. [ID:nN20224848]Morehttp://www.reuters.com/article/marketsNews/idUSN2023383120091120

NYMEX-Crude down on strong dollar, weak equities Fri Nov 20, 2009 12:19pm EST