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Commodity Daily News
Oil Prices Fall Below $74 a barrel
Friday, 14 May 2010
Crude Oil prices settled lower Thursday, hitting their lowest level in nearly 3 months as concerns over European economic stability weighed on the EUR and helped lift the U.S. dollar. Oil also slipped after U.S. equities retreated on widening probes of banks' mortgage-bond deals. Crude dropped as much as 58 cents, or 0.8 percent, to $73.82 a barrel. Yesterday, the contract fell $1.25 to $74.40.
Oil prices will likely continue to struggle in the near term as the tendency is still a strong Dollar and weaker oil prices according to analysts. A change in direction for Crude Oil would only come after a Dollar weakness, they said.
