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Sunday, May 16, 2010

Crude Oil Falls for a Fifth Day on Concern Europe Debt Woes to Slow Growth

Crude oil fell below $70 a barrel in New York for the first time in three months on concern Europe’s sovereign debt crisis may derail the global economic recovery and reduce fuel consumption. Oil dropped for a fifth day, the longest losing streak in five weeks, as the euro extended losses against the dollar, damping the investment appeal of commodities. Oil’s tumble this month is being driven by Europe’s debt crisis and is beyond the influence of the Organization of Petroleum Exporting Countries, Qatar’s Energy Minister Abdullah al-Attiyah said May 15.

“There are concerns that the European debt crisis will have a negative impact on the global growth outlook and in turn, global fuel demand,” said Toby Hassall, a research analyst at CWA Global Markets Pty in Sydney. “We’re seeing an increase in risk aversion, which has in turn has put upward pressure on the U.S. dollar.” Crude oil for June delivery fell as much as $1.79, or 2.5 percent, to $69.82 a barrel in electronic trading on the New York Mercantile Exchange. That’s the lowest intraday price since Feb. 5. The contract was at $70.37 at 11:34 a.m. Singapore time. Futures have lost 12 percent so far this year.

The euro dropped to the lowest against the dollar in more than four years, amid speculation European measures to reduce fiscal deficits will undermine the region’s recovery. The 16 nation currency reached $1.2235, the weakest since April 2006, from $1.2358 on May 14 in New York.....Read the entire article.

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