Oil prices fall under $70 on new European debt concerns

Crude oil prices have fallen under $70 in early trading on Monday as concerns the government debt crisis in Europe will widen, slowing a global recovery in fuel demand. US Light crude oil futures for July delivery fell to $69.51 a barrel on the NYMEX, while in London, Brent crude oil futures for July delivery dropped over two percent, to $70.50 a barrel, on the ICE Futures Exchange. Oil prices were poised for their biggest two-day decline in a month as the euro dropped against the dollar and the MSCI Asia Pacific Index tumbled by the most in 14 months amid concern of losses in Hungary. The euro fell to $1.1922 from $1.1967 in New York and touched $1.1877, the lowest level since March 2006, on concern Europe’s debt crisis will slow global growth. The MSCI Asia Pacific Index retreated 3.3 percent to 109.70 as of 1:20 p.m. in Tokyo, set for its biggest decline since March 30, 2009. The gauge has slumped 15 percent from its high this year on April 15. Oil prices expected to hit $100 in 2010 say Dubai traders Oil companies in Russia and the foreign investment climate Brent oil prices trading at $86 in early week market surge Oil prices trading firm on US data, homing in on $90 barrel Gulf spill of 210,000 gallons daily may push oil over $100 Arab states launch secret moves to stop using US currency for oil trading $70 WTI light crude oil price this winter says EIA Some facts about the peak oil theory Indian oil companies hike jet fuel prices as crude oil rises Oil prices trading up on hurricane Ida concerns, weaker US dollar Oil prices trading lower on stronger US dollar, demand OPEC member Iraq oil output may affect future oil prices Goldman Sachs predicts summer oil price at $92 – $97 range Weekly petroleum recap, crude oil inventories up The IEA and peak oil How to trade crude oil futures online Crude oil prices trading up on weak US dollar Peter Schiff – Oil Prices Are Going Up Greenhouse gas emissions may fall 3% due to recession, say IEA Oil price steady as US dollar dips, crude oil supplies lower

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Oil prices fall under $70 on new European debt concerns