Wednesday, May 19, 2010

Oil Prices Fall on Stronger Dollar, Weaker Demand

Oil prices continue to be a victim as investors flee for the safety of the US dollar. A plunging euro and concern that the EU debt crisis could result in lower demand for energy, have pushed oil to and eight-month low.

By early afternoon trading in Europe today, the benchmark crude for June delivery was down $1.23 to $68.18 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell 54 cents to settle at $69.41 on Tuesday. Since the beginning of May, oil has declined more than 20 per cent from $87.15 a barrel on May 3.

Source: Associated Press

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