Oil Tumble Nearly $2 on Forecast

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Crude-oil futures retreated Monday, approaching the $70 a barrel mark as markets reacted to a lower demand-growth forecast from the International Energy Agency.


Despite shortfalls due to Nigerian unrest – which Vienna’s PVM Oil Associates put at 550,000 barrels a day – high prices have pushed oil demand downward, increasing sentiment that global supplies were outpacing demand. Light, sweet crude for June delivery fell $1.93 to $70.08 a barrel in electronic trading on the New York Mercantile Exchange by midday in Europe. That follows a drop of $1.42 to $72.04 a barrel on Friday.






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