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Commodity Daily News
Crude Falls More than 2% a barrel
Wednesday, 26 May 2010
Oil prices fell $1.46, or 2.1%, to $68.75 a barrel joining global stocks, the EUR and most metals with the exception of gold in a broad retreat due to ongoing fears about a potential European debt crisis and renewed tensions on the Korean peninsula.
Market players noted Crude pared losses after the U.S. consumer confidence index hit a two-year high in May. Dropping back from a 2010 peak of $87.15 on May 3, the highest since October 2008, U.S. Crude prices could be set to have the biggest monthly loss since the height of the financial crisis.
