Black Gold Prices Down, up to USD82

Thursday, May 6, 2010 - 10:30 PM

Reporting NEW YORK - I want to proclaim the news of the price of 'Gold', follows the news ... World oil prices back down deep enough, at the close of trading Wednesday, May 5 local time, after the euro reached its lowest level in the past year, against the dollar Greece amid concerns about debt, traders said.

The market was also hit following the news about the larger-than-expected increase in U.S. oil inventories, which seems to indicate weak demand in the countries of the world's largest energy consumsi.

As quoted from the 'AFP', Thursday 6 May 2010, for New York's main contract, light sweet crude for delivery in June, down $ 2, 77 to USD79, 97. DaLA past two days, the price of 'black gold' plunged $ 6, 22 in two days.

Brent North Sea crude oil for June delivery fell 3.06 dollars to 82.61 dollars per barrel in late New York trading. "Oil retreated for achieving the highest one-year dollar and the euro zone's economic health fears gripped the markets again," said Marius Paun analysts from trading companies ODL Markets.

"With traders fled from the euro, they seek the relative safety of the dollar, which put some pressure down on oil."The main concern about the strength of the global recovery also send a discomfort in the commodities market, with traders worried that any problem in Greece can stop the recovery."

In foreign exchange trading on Wednesday, the European single currency slumped to USD1, in 2804, reaching its lowest level since March 12, 2009. Meanwhile, the U.S. Energy Department announced Wednesday that U.S. crude oil stockpiles rose by 2.8 million barrels last week. That is significantly higher than market expectations for an increase of about 700,000 barrels, according to analysts. (Martinhaeszone)