Oil prices fall back to five-month low

OIL prices fell to five-month lows yesterday lifting stocks, while the dollar rose to six-week highs in a mostly technical rebound.

Crude fell for a fifth straight day, the longest daily losing streak in nearly 11 months, continuing its descent on ample US supplies and the prospect that BP would return its giant Prudhoe Bay field in Alaska to full capacity.

US stocks rebounded from two consecutive days of losses, as steadily declining oil prices offset more signs of a housing slowdown.