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Commodity Daily News
Crude Falls on Concerns Regarding Global Economic Recovery
Wednesday, 2 Jun 2010
Crude Oil Dropped after a volatile session Tuesday on concerns that the global economic recovery may be stalling. Oil declined as China's purchasing manager's index, a leading indicator for the country's manufacturing sector, fell to 53.9 in May from 55.7 in April. China's factories account for a large portion of world-wide demand for energy and other commodities.
Light, sweet crude for July delivery on the New York Mercantile Exchange fell $1.39, or 1.9%, to settle at $72.58 a barrel.
