| Oil Prices Fall |
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| Friday, 07 May 2010 10:29 | |||
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Page 1 of 2 NEW YORK - Oil prices fell a third time during three consecutive days amid concerns about continuing the eurozone stability and indiscriminate selling like crazy in the U.S. financial markets.
Crude oil futures rose in morning trading, but then tended to decline after the euro fell below 1.27 dollars, or the lowest level since March 2009. New York's main contract, light sweet crude for June delivery, closed down 2.86 dollars to 77.11 dollars per barrel. During the last three trading sessions of oil has fallen 10.5 percent. Brent North Sea crude oil for June delivery fell 2.78 dollars to 79.83 dollars in London. "Crude oil prices trouble, as the euro continues to weaken, reaching the lowest point in 14 months against the dollar," said Sucden analyst Financial Research, Myrto Sokou. "The strengthening U.S. dollar reduced investor sentiment." A stronger U.S. dollar makes dollar-denominated oil more expensive for holders of rival currencies, like euros. The efforts of investors to continue to avoid risks, keep pressing the European currency and pushing up the dollar, which is viewed as an asset "safe haven" (safe haven) for the financial turmoil. "We continue to expect the euro to fall further in the short to medium term," said Dariusz Kowalczyk, chief investment strategy SJS Markets. He said commodities including crude oil "hit by the strengthening dollar and risk avoidance." Euro fell to its lowest level against the U.S. dollar for more than a year due to massive protests in Greece that threatens the future of the euro zone and the single currency, dealers said. European common currency reached 1.2654 dollars, or the lowest since March 11 last year. Oil prices, meanwhile, has slumped since Monday when it touched 87.15 dollars - the highest level since October 2008. The market was also being weighed down by rising oil inventories in the U.S., which indicates a request from the country's largest energy consumer in the world is decreasing. Data released by the U.S. Energy Department, Rbua, showed U.S. crude oil stockpiles rose 2.8 million barrels last week which is significantly higher than market expectations for an increase of about 700,000 barrels. Elsewhere on Thursday, coastal residents anxiously await the results of efforts to prevent oil spills Gulf of Mexico with a giant dome to limit the damage that led to environmental disaster. | Antaranews | tenderoffer.biz |
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