Oil prices trading near $70 as global stock markets slump

Oil prices are back in the $70 range in trading on Friday as investor concern a financial crisis in Europe could undermine the any recovery which hit global stock markets. US Light crude oil futures for July delivery was down 50 cents to $70.30 a barrel at midday Friday Singapore time on the NYMEX, while in London, Brent crude oil futures for July was down 52 cents to $71.32 on the ICE Futures Exchange. Stock markets in Asia fell sharply in early trading today after continuing stock market declines on Wall Street and in Europe. Fears that the fragile economic recovery in the US might be threatened by the financial and political crisis in Europe gripped Wall Street on Thursday, sending the stock market into a sharp decline and leaving anxious traders wondering where the pain might stop. The 376 point Dow Jones drop on Thursday punctuated what amounts to a slow motion crash that began in late April. The Dow has now plunged more than 1,000 points in a matter of weeks, marking what is known as a market correction. As traders downgraded their forecasts for economic growth, the price of oil fell roughly eight percent in intraday trading, before recovering to end nearly 2 percent lower. Oil prices dropping off a cliff with stock markets in tow Crude oil prices gain as traders eye global stock markets Oil prices trading negative on profit taking, stock markets Brent oil price trading at $74 as new Euro concerns hit Oil prices again being lead by dollar and euro swings Brent oil price at $82 level as Europe problems hit markets Oil prices trading near $85, global stock markets higher US Light oil trading higher, near $82 on Goldman, markets Oil prices trading up 3 percent on a falling US dollar Oil prices trading steady, awaits US crude inventory data Oil prices & commodities trading higher, US dollar slides Oil prices trading higher amid stronger US Dollar, Europe Brent oil trading at $71 as commodities & markets wacked Oil prices trading up, eyes on currencies euro & dollar Oil prices lower as Germany “switches off financial lights” Brent oil price dips under $77 as Europe spooks markets Brent oil price steady at $80 as stock markets shoot higher Oil prices slump on US stock market crash, Asia follows Brent oil price holding around $88 mark amid strong dollar Light oil prices trading up over $86 on messy Gulf oil spill

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Oil prices trading near $70 as global stock markets slump