Over the past 3 days, crude oil futures on the Nymex have lost more than six dollars a barrel, dropping below US$80/barrel for the first time since mid-March. As per Chemorbis, crude oil prices have ppushed lower as confidence in the global market has been shaken by debt troubles in Europe and renewed efforts to tighten monetary policy on the part of China’s Central Bank.
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Monday, May 10, 2010
Crude oil drops below US$80 on renewed economic concerns
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Crude oil fell down as on concern that Europe’s bailout of almost $1 trillion may not be sufficient to end the region’s sovereign debt crisis.
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