06 May 2010 14:54 [Source: ICIS news]
LONDON (ICIS news)--NYMEX light sweet crude for June delivery fell by more than $1/bbl as a result of a firmer US dollar and concerns over Greece’s debt, taking the front-month contract to hit a six-week low under $79/bbl, despite a decrease in US unemployment figures.
By 13:10 GMT, June NYMEX light sweet crude futures plunged to a low of $78.24/bbl, down $1.73/bbl from the previous close of $79.97/bbl, before easing back to $78.40/bbl.
At the same time, June Brent crude had hit a low of $81.12/bbl, which was a loss of $1.49/bbl from the previous close of $82.61/bbl.
The euro continued to slump and global stock markets tumbled on fears that ?xml:namespace>
Since peaking at the year’s high of $87.15/bbl on 3 May, crude prices have lost nearly 10% in value.
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