07 June 2010 05:39 [Source: ICIS news]
SINGAPORE (ICIS news)--US crude futures slumped by more than $1/bbl on Monday, amid a strengthening US dollar and lingering worries over the eurozone debt crisis.
At 03:57 GMT, July NYMEX light sweet crude futures were trading at $70.09/bbl, down $1.42/bbl from the previous close. Earlier, the ?xml:namespace>
Meanwhile, July Brent on the ICE futures exchange was trading at $71.19/bbl, down $0.90/bbl from the previous close.
The falls in crude futures tracked the decline of the euro, which had earlier fell to a four-year low as investors fled away from equities and commodities to the dollar.
The Dow Jones Industrial Average closed at 9,931 on Friday, down nearly 3.2%.
A strengthening of the US dollar against leading currency weakens the oil markets, as it makes dollar-denominated commodities, like oil, less attractive to overseas investors.
To discuss issues facing the chemical industry go to ICIS connect
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections