07 May 2012 08:43 [Source: ICIS news]
SINGAPORE (ICIS)--Crude futures declined on Monday with US crude futures briefly down more than $3/bbl earlier in the session amid renewed Eurozone worries, a stronger US dollar and lingering concerns over US jobs.
At 7:20 GMT, June Brent crude on ?xml:namespace>
June NYMEX light sweet crude futures (WTI) were trading at $97.35/bbl, down by $1.14/bbl on the previous close. Earlier, the
Crude oil is currently trading at levels last seen in early February 2012 prior to the impact of heightened
The US dollar strengthened further against the Euro and other leading currencies making dollar denominated commodities such as oil less attractive to international investors.
The US dollar rose amid a flight to safety triggered by escalating Eurozone worries following the election in
The Greek public angry with harsh economic measures and the EU-IMF bailout agreement voted in increased numbers for anti bailout parties such as the left wing coalition Syriza who wish to reject
Crude markets had already been negatively impacted by disappointing April US-non farm payroll data released last Friday.
The data revealed that the
Nevertheless, unemployment was slightly down at 8.1% from 8.2% in March.
Asian equity markets also declined amid heightened Eurozone worries. The Nikkei 225 in
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