US crude plunges $1.53/bbl on euro zone worries, stronger dollar

17 May 2010 20:48  [Source: ICIS news]

HOUSTON (ICIS news)--NYMEX light sweet crude for June delivery settled at $70.08/bbl on Monday, down $1.53 versus Friday’s close, in response to the euro falling to four-year lows against the dollar on sovereign-debt worries in the region.

The stock market was dragged down by losses across various commodities on worries that the European debt crisis would hurt the global economic recovery.

Crude options expired at the end of the session ahead of  the June contract going off the board on Thursday and were also influencing trade in the front month. An intra-day low of $69.27/bbl, down $2.34, was established before recouping some of the losses ahead of the closing bell.

On the first day for the July ICE Brent contract as the spot month, it sold down to $74.75/bbl before settling at $75.10.bbl, down $2.83.

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By: Ignacio Sotolongo
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