Oil prices sliding to $109 at 18 may 2011
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Oil prices sliding to $109 at 18 may 2011
mines,gold,silver,oil,gazz,coal,prices,market,asia, europa,america,africa
Wed, 18 May 2011
NEW YORK — World stocks fell to a one-month low yesterday as data spurred a new wave of doubts over the global economic recovery and on worries about debt-laden euro-zone nations, while oil tumbled on the economic outlook and a firmer dollar.
US stocks fell as the weak data added to concerns the recovery is taking longer than expected. Oil prices slid more than 2 per cent on demand worries and as the dollar rose. July Brent crude was down 1.7 per cent at $108.92 a barrel, while US crude for June delivery was down 1.7 per cent at $95.72.
“Dollar strength and the poor economic data are pressuring prices,” said John Kilduff, partner at the hedge fund Again Capital LLC in New York. Investors also face the end of the US Federal Reserve’s $600 billion asset-purchase programme next month. The euro seesawed against the dollar, driven by concerns that Greece might restructure its massive debt. — resources
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