27 April 2009 07:12 [Source: ICIS news]
SINGAPORE (ICIS news)--Crude futures fell more than $1/bbl on Monday, giving back a portion of the gains made at the end of last week amid worries over an outbreak of swine flu in Mexico, which could become a global pandemic.
At 5:44 GMT, June NYMEX light sweet crude futures were trading at $50.36/bbl, down $1.19/bbl from the last Friday’s close. Earlier on Monday, the contract dropped to a low of $50.25/bbl, down $1.30/bbl.
At the same time, June Brent on ?xml:namespace>
At least 100 people have died in Mexico so far following the outbreak of a new swine flu virus. Cases have also been confirmed in the
The World Health Organisation (WHO) declared an international public health emergency over the weekend. There has also been a call for global surveillance to track the spread of the virus.
Meanwhile, the US dollar firmed against the Euro on Monday making dollar based commodities such as crude less attractive for investors. Attention was also focussed on recent US Government “stress tests” on 19 financial institutions the results of which have already been sent to the companies involved and will be made public on 4 May.
Last Friday a weak US dollar and higher equity markets had led to crude prices climbing some 3-4%. This pushed front both front month June ICE Brent and NYMEX Light Sweet Crude futures contracts back above $51/bbl.
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