| Oil prices slide As Stronger Dollar |
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| Wednesday, 05 May 2010 13:13 | |||||||
Page 1 of 2 Singapore
- Oil prices are still above 82 dollars in Asian trade on Wednesday,
having fallen sharply in relation to the strengthening dollar when
there is concern that the debt crisis can spread to the Greek economy
in the European region, said some analysts.
New York's main contract, crude oil, light sweet "for June fell 31 cents to 82.43 dollars, as quoted from the AFP. Crude North Sea Brent for June delivery fell 45 cents to 85.22 dollars per barrel. "The decline in prices was driven by investor concerns about the debt crisis of Europe spread to Spain, and the bailout package or the` Greek `bailout was not enough to do the job," said a number of analysts from the Commonwealth Bank of Australia in a report. Strengthening of "greenback" disrupt crude oil priced in U.S. dollars because that commodity becomes more expensive for buyers using weaker currencies. The euro area financial leaders on Sunday approved the loan package amounting to 110 billion euros or 145 billion dollars that has never happened to the Greeks, who are struggling to escape from the burden of a crippling deficit and debt. Oil prices slumped on Wednesday with the New York contract dropped 3.45 dollars after rising to 87.15 on Monday when disaster Greece encouraging decline in the debt capital markets in Europe and the U.S.. Asian stock markets lower on Wednesday with the Hang Seng Index in Hong Kong's benchmark lost 409.56 points while Singapore's Straits Times Index fell 34.2 points in morning trading. | Antaranews | tenderoffer.biz |
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