Crude oil fell to near $76 a barrel on concern that Europe’s almost $1 trillion bailout may not be sufficient to end the region’s sovereign debt crisis. Oil pared an increase of as much as 0.8 percent earlier today after the euro dropped against the dollar and investors questioned whether the European plan will reduce deficits accumulated by Greece, Spain and Portugal. U.S. crude supplies probably rose for the 14th time in 15 weeks, reinforcing concern that demand in the world’s biggest consumer is lagging.
“The package will just buy Europe some time,” said Clarence Chu, a trader at options dealers Hudson Capital Energy in Singapore. “Portugal and Spain now have a safety net so there is less incentive for them to cut their budget deficits.” Crude oil for June delivery fell as much as 62 cents, or 0.8 percent, to $76.18 a barrel in electronic trading on the New York Mercantile Exchange. It was at $76.20 at 2:22 p.m. Singapore time. The contract earlier rose as much as 59 cents to $77.39. Yesterday, it gained 2.3 percent to settle at $76.80.
Leaders of the 16 European nations using the single currency agreed yesterday to lend as much as 750 billion euros ($957 billion) to the most-indebted member countries. The euro declined to $1.2727 as of 6:46 a.m. in London from $1.2787 in New York yesterday, when it reached $1.3094, the highest level since May 4.....Read the entire article.
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