| Oil Prices Hit Korean Tensions |
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| Wednesday, 24 November 2010 10:43 | |||||||
Page 1 of 2 New York - Oil prices fell in New York on Tuesday (Wednesday morning GMT), amid widespread selling in the market, as traders worried about rising tensions between North Korea and South Korea could affect global trade.New York's main contract, light sweet crude for December delivery, slumped 49 cents to 81.25 dollars per barrel. Brent North Sea crude oil for January delivery fell 71 cents to 83.25 dollars per barrel in London trade. Stock markets worldwide plunged on Tuesday as investors get rid of risky assets following the firing by North Korea against South Korea an island, killing two and triggering a shootout. "If tensions heat up can be a negative for oil demand because of the uncertainty in the region could slow economic activity," said analyst Phil Flynn of PFG Best. "Consumers are the big oil such as China and Japan may be affected because economic activity will be slowed by uncertainty." Ongoing concerns over the euro zone economy sparked further concerns that the Irish faced political turmoil after an international rescue plan. Meanwhile, the European single currency slid to 1.3377 dollars at 2000 GMT (0300 GMT) from 1.3622 in New York late on Monday as the greenback pushed by strengthening the status of "safe haven" in times of economic uncertainty and geopolitical. A stronger greenback increase crude oil priced in dollars, which become more expensive for buyers using weaker currencies. (ANTARANews / AFP)
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