Crude oil fell in New York after Egyptian President Hosni Mubarak defied calls for his resignation, sending equities lower and bolstering the dollar. Oil dropped as much as 1 percent as stocks declined and the dollar rose against all of its most-traded counterparts. A stronger U.S. currency reduces the appeal of commodities as an investment. Mubarak reiterated late yesterday he intends to stay on as president until September elections, while handing some powers to Vice President Omar Suleiman. “We’re going to probably continue to move lower unless the tanks start to roll and the situation deteriorates,” said Addison Armstrong, director of market research at Tradition Energy, a Stamford, Connecticut-based broker. “The strong dollar is the biggest factor keeping a lid on prices.” Crude oil for March delivery declined 36 cents, or 0.4 percent, to $86.37 a barrel at 9:41 a.m. on the New York Mercantile Exchange. Futures are down 3 percent this week and are 15 percent higher than a year ago. Brent crude oil for March settlement climbed 84 cents, or 0.8 percent, to $101.71 a barrel on the London-based ICE Futures Europe exchange. To contact the reporter on this story: Mark Shenk in New York at mshenk1@bloomberg.net To contact the editor responsible for this story: Dan Stets at dstets@bloomberg.net

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