Wednesday, 7 Apr 2010

Crude Drops Below 86$ a Barrel

Concerns over the cost of Greece's debt and the possibility of default sent the euro lower against most other major currencies today. Further pressuring the common currency was data showing wavering economic recovery in the region that will likely result in a prolonged period of record low interest rates.

The EUR fell to $1.3350 during New York trading, from $1.3399 yesterday after briefly reaching $1.3326, the weakest level since March 26. The EUR is currently at 124.52 Yen, from 125.67 Yen. The Dollar fell to 93.23 Yen from 93.79 Yen yesterday.

Crude Oil futures dropped after the release of the U.S Oil Inventories report which showed an unexpected increase. Oil prices were also pressured by declining equity levels. Light, sweet crude for May delivery is currently trading at $85.60 a barrel.