| Oil prices drop in New York |
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| Tuesday, 27 April 2010 09:07 | |||||||
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YORK - Oil prices weakened in trading Monday in New York with a reserve
position in the U.S. is in the strongest side, while a slightly
stronger U.S. dollar.At the New York Mercantile Exchange (NYMEX), every barrel of light sweet crude for June delivery fell 92 cents to 84.20 dollars. Brent North Sea crude oil, London, for June delivery fell 12 cents to 87.13 dollars per barrel, after earlier reaching 87.75 dollars - levels last seen in October 2008. "We see enough inventory out there and of course the strengthening dollar is not helping very good oil," said Bart Melek of BMO Capital Markets. The U.S. dollar did not continue relinya from Friday when it rose 1.50 U.S. dollars, while oil soared after positive economic data on Friday showed that economic recovery underway in the United States which is the world's biggest energy consumer. Sales of new homes built in the United States jumped almost 27 percent in March compared with February, which describes the rising economic expectations restored. Mike Fitzpatrick of MF Global said the U.S. major oil reserves in Cushing, Oklahoma, close to the highest level. | Antaranews | tenderoffer.biz |
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